Benefits of Using GP Project Accounting

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Dynamics GP offers Project Accounting as part of the Dynamics GP Extended Pack of modules and functionality. This module allows for uses across many industries.  Examples of such would be as follows:

Professional Service firms, companies with large capital/construction costs, government funded businesses with strict budget requirements and companies with fluctuating funding such as Not-for-Profit organizations.

For a basic overview of Project Accounting in GP, please view this 14 minute video:

Project Accounting

We’d now like to explore some specific examples of what Project Accounting(PA) can do. Our first example would cover the professional services sector.

A CPA firm has a client they perform multiple services for audit, review, consulting work. PA helps to track and record work performed for that client for all those various services. As work is performed, employees can utilize time sheets in PA which can be approved by managers and charged against the engagement. Tax work performed for a client can be approved by automatically routing employee time sheets to a tax manager or additional levels of hierarchy, for example a relationship manager by using GP Workflow.

Here is a video link for GP Workflow if you are not familiar with it:

Companies with large capital/construction costs can use PA to help track expenses during the various development and construction phases of a project. With this type of project, we would focus on Purchase Order processing and inventory to record purchasing and material costs against the project. Use of your own equipment (like backhoes) can be recorded like material and labor.

We’ve found that many companies attempting to capture expenses against strict budgets end up overloading their GL chart of accounts and find that PA is a good solution for tracking expenses/costs against budgets. An example would be a grant you may have for a year – instead of adding it to the GL you can create a project for it in PA. PA then allows you to use profit and loss statements out of it for your reporting. PA comes with pre-built financial statements like p/l, project cost breakdown and project agings right out of the box preventing you from having to create financial statements in MR or any other reporting tool.

Contact your Dynamics GP consulting firm to explore the time and costs involved in getting Project Accounting set up in your system and tailored to your organization’s needs.



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