APPLIED BOOKKEEPING- A PROCEDURAL APPROACH

Project management and accounting overview
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You calculate the utilization rates on the Hour utilization page. The calculations are based on default preferences. These preferences also specify how hours are calculated by assigning Utilization or Burden to each project type. This applies to billable rate calculations and efficiency rate calculations.

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When you calculate the utilization rate for a worker, you can use norm hours or included hours. If you use included hours, you must ensure that workers record all their working time for the timesheet periods, because the calculation is expressed as a percentage of hours that are entered.

When you calculate the hour utilization rate for a project, project contract, customer record, or category, you must use included hours for your calculation. You can create a project statement to view a quick snapshot of the progress of a project. When you run a project statement, you can specify the criteria that are used to calculate the statement by making selections on the General tab on the Project statements page.

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You can select to include or exclude the following information:. After the statement is calculated, you can view the following information on the various tabs on the Project statements page:. Skip to main content.

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Exit focus mode. Theme Light. High contrast. Profile Sign out. Learn at your own pace. See training modules. Dismiss alert. Projects across industries The project management and accounting functionality can be used in multiple industries, as shown in the following illustration. Project phases Although the following process flow is aimed toward external projects, or project that are completed for one or more customers, the functionality also applies to internal, cost-only projects.

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As shown in the preceding illustration, project management and accounting can be divided into three phases: Initiate Execute Analyze Initiate the project During project initiation, several key processes occur. Create project quotations In the initial sales phase of a project, a project quotation lets you provide a customer with a non-binding offer.

Create project contracts When you enter into a contract with a customer or other funding source to complete a project, you must first create a project contract. Create work breakdown structures The degree of detail in a WBS depends on the level of accuracy that is required in estimates and the level of tracking that is required against those estimates. Create project forecasts and budgets You can use forecasting if your organization has an operational perspective and focuses on the revenues and costs that are derived from specific transactions.

Create projects You can create six types of projects in Microsoft Finance and Operations. Project type Description Time and material In Time and material projects, the customer is billed for all costs that are incurred on a project. These costs include costs for hours, expenses, items, and fees. Fixed-price In Fixed-price projects, the invoices consist of on-account transactions. A Fixed-price project is invoiced according to a billing schedule that is based on a project contract.

Revenue for a Fixed-price project can be calculated and posted throughout the project by using the completed percentage method. Alternatively, revenue can be calculated and posted when the project is completed, by using the completed contract method. Companies can often benefit from using the value of the work in process WIP to calculate the degree of completion of a project or group of projects. Investment Investment projects are projects that don't produce immediate earnings.

They are typically used for long-term internal projects where the costs must be capitalized. Only costs for items, hours, and expenses can be recorded for an Investment project. Costs in an Investment project are tracked and controlled by using estimate functionality.

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Investment projects can be set up with an optional maximum capitalization. As an Investment project progresses, you record its costs in WIP accounts, where the costs are held until the project is completed. When the project is eliminated, you transfer the WIP value to a fixed asset, a ledger account, or a new project. Cost project Like Investment projects, Cost projects are typically used to track internal projects, and only hours, expenses, and items can be recorded for them.

However, Cost projects are usually of shorter duration than Investment projects. Instead, their project transactions are posted only to profit and loss accounts. Because cost projects are typically used to track internal projects, they don't usually have to be associated with a customer account. However, if your setup requires that item requirements be created for purchase orders, you must associate the Cost project with a customer.

This association is required, because item requirements are managed as sales order lines, and the system requires that a customer be specified.

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However, this setup won't cause item requirements to be created automatically from a purchase order. For Cost projects, the Create item requirement setting is ignored. If you need an item requirement in a Cost project, you can create it manually, provided that a customer is associated with the project. Internal Internal projects are used to track costs on a project that is internal to your organization.

Internal projects can provide a planning tool to manage resource consumption.

Time Time projects are used to track time that is associated with non-chargeable and non-productive activities, such as a project to track sick time for workers. Transactions in Time projects aren't posted to the ledger. Instead, they are included in worker utilization reports. Only hour transactions can be recorded in Time projects. You use an hour journal or timesheet to register these hours to the project.

After the hours are registered, they appear as project transactions but don't have corresponding voucher transactions. Review the capacity of each worker, and determine how that capacity is being used. For example, if a worker is being underused, the worker can be assigned to a project that fits his or her availability and attributes. Review a worker's availability to make sure that there are no calendar conflicts with the worker's assignments. Review information about worker utilization in either a summary view for example, by department or by worker or a detailed view for example, by workers in a department or by weekly detail for each worker.

Modify resource assignments for various units of time, such as day, week, or month, to optimize how the workers are used. Manage work breakdown structures A WBS is a description of the work that will be completed for a project.

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Manage project forecasts and budgets There are two ways to manage and control your projects: project forecasts and project budgets. Create production orders A project-related production order can be linked to a sales order or an item requirement by using either the finished item method or the consumed item method. When you use this method, actual project costs are posted when the sales order is invoiced or when the packing slip is updated for the item requirement. The cost is posted as a finished item.

The cost for the finished item is posted as a single transaction. By using this method, you can view actual project costs when the production has a status of Started or is reported as finished. The costs are posted as multiple project item transactions for raw materials and hours consumed for production. When the packing slip is updated for the item requirement, no project costs are posted.

You can also define the level in the bill of materials BOM hierarchy at which the projects in the production are tracked. The costs are posted as multiple project item transactions for raw materials and hours consumed for the production.

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You can also define the level in the BOM hierarchy at which the projects in the production are tracked. Procure products and services The purchase and sale of items are prevalent activities in many project-focused businesses. Purchase orders for projects The purpose of the purchase order determines when the purchase order is consumed and, therefore, when items are charged on a project. Method Purpose Consumption of items Create a purchase order directly.

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