Simplify Your Project Accounting Setup and Reporting in Microsoft Dynamics GP

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If you are like many businesses you are tracking your projects in either a disparate system or within your chart of accounts.  Neither one of these options is ideal.  If you are entering project transactions in another system then your data entry tasks are doubled due to the fact that each purchase order, payables invoice, sales document etc. is being handled and manually keyed into your external project system and then again into your accounting system.  Many times it is not the same person entering information into both systems.  This method results in a duplication of efforts as well as a delay in data entry, resulting in a lapse in receiving timely, up-to-date project reports and information.  Alternatively, your company may be tracking project information within your chart of accounts.  With each project that you are tracking you are creating another range of accounts within your general ledger to assign and track project information.  What happens to all of these accounts when the project is complete?  That’s right – nothing!  You cannot simply delete these now inactive general ledger accounts and before you know it your chart of accounts has grown rapidly in numbers.  What if I told you that there was a way to track your project revenue and expenses separate from your general ledger account structure right from within Microsoft Dynamics GP?

Encore’s Project Tracking with Advanced Analytics for Microsoft Dynamics GP has helped 100’s of customers just like you.  Project Tracking with Advanced Analytics will allow you to track project information independent of your chart of accounts which will allow you to maintain a streamlined account structure.   With Encore’s Project Tracking with Advanced Analytics you can quickly and easily assign project information from within Microsoft Dynamics GP at the time of transaction entry.  This alone will drastically reduce human resources costs as you will only be handling each sales or purchase document one time.  As your accounting personnel are entering transactions into the accounting system they are quickly and easily able to distribute the transaction to one or more projects.  Project Tracking with Advanced Analytics is easy to set up and use and is customizable to almost any business.

The Project Tracking Setup window is the window that you use to define the global settings for tracking your projects.  There are seven Transaction User-Defined fields, as outlined in red in the Project Tracking Setup window (shown in the screen shot).   It is the 7 User-Defined fields that are available in Project Tracking that provide the flexibility to meet the requirements of a wide range of businesses.  These are transaction user-defined fields and are used when distributing to projects at the point of transaction entry within Microsoft Dynamics GP to record additional information.  The titles that you define in this window and the unlimited values that you are able to assign to these fields are used to report on different aspects of your projects.

Breakdown codes are used to further breakout your revenue and expenses.  By marking the option ‘Require Breakdowns’  in the setup window (outlined in green in the screen shot) you enable this feature allowing you to create an unlimited list of revenue and expense codes that will be available to you at transaction entry allowing you to further breakdown the transaction for reporting purposes.

Project Tracking comes equipped with several pre-configured reports which you have the ability to customize to meet your specific needs using Microsoft Dynamics GP Report Writer.   Advanced Analytics for Project Tracking allows users to create reports which groups and manipulates data in a comprehensive format offering the ability to:

  • Drag and drop fields
  • Sort information
  • Group information
  • Filter information
  • Drill down to an original transaction
  • Export to a Microsoft Excel document; an XML document; an HTML document; or a text file

The ease of using Project Tracking with Advanced Analytics means a reduced learning curve, plus a reduction in time and costs to create detailed reports allowing you to get to the information that will assist you in making timely, informed, proactive business decisions.

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By Encore Business Solutions, an award winning Dynamics GP Independent Software Vendor (ISV).

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