Not to burst our own bubble but Project Cost is a fan favorite with Government Contractors.
In fact, we put together 10 favorite features that make your work simpler & easier® in Dynamics GP when it comes to projects.
Why Government Contractors?
Contractors are subject to Federal Acquisition Regulations (FAR) and audits by agencies like the Defense Contract Audit Agency (DCAA). These Project Cost features will provide superior contract cost support documentation which will help maximize cost recovery.
Top 10 Favorite Features
1 – Approval and Edit Audit Trail
Auditors are concerned that contractors might improperly move or re-class charges from a contract that is over budget to one that has ample budget during the approval process. Project Cost records each change to a transaction as well as the date, time, and user who made the change. Even data from deleted transactions is maintained for a perfect audit trail.
The audit trail records all transaction data as well as:
- Modified Date and Time
- User who edited
- Transaction User ID
- Employee ID from the Payroll System
- The approver for the Cost Side of the transaction
- The approver for the Billing Side of the transaction
2- Sample Dynamics GP Cost Document and Sale Document Links
Each Project Cost transaction is linked to either a GP cost document, a GP sales document, or both. With Project Cost, every cost and revenue is easily understood.
3 – Cost Segregation
Items 2a & 2d of the standard form “SF 1408 Pre-Award Survey Prospective Contractor Accounting System >> Section B – EVALUATION CHECKLIST” published by the General Services Administration (GSA) requires both:
- 2a. “Proper segregation of direct costs from indirect costs.”
- 2d. “Accumulation of costs under general ledger control.”
Dynamics GP does an excellent job of meeting these requirements.
Item 2b also requires “Identification and accumulation of direct costs by contract.” Dynamics GP with Project Cost does an excellent job of meeting these requirements. It also satisfies the requirements for the remaining items in the Evaluation Checklist. Read the short “Cost Accounting System Compliance for Government Contractors” paper referenced below for more information.
4 – Overhead Processing
Full support for multi-level overhead pool application and processing to support all evaluation requirements listed above.
5 – Project Model and Project Historical Model
The Project Model is a Project Income Statement Presentation. It shows actual versus budget, fully burdened Costs and Revenues using any overhead rate structure.
The Project Historical Model shows actual versus budget, fully burdened Costs and Revenues using the actual overhead applied in past periods and budgeted rates going forward. This is especially helpful in understanding profitability for larger multi-year projects.
6 – Ease of Use and Accuracy
Project Cost supports project coding on all Dynamics GP transactions including:
- Purchase Order
- Cash Receipts
- Most Requisition Modules
- Sales Order Processing
- General Ledger
In all cases, the Project Cost form opens off the primary Dynamics GP entry form.
Based on User Options, it may open automatically or with a standard Ctrl + z keystroke.
These simple interfaces between Dynamics GP and Project Cost make using a project costing module easier to use and likely more accurate.
7 – Cost and Efficiency
Project Cost supports project coding on all Dynamics GP transactions with a minimum number of keystrokes. Its consistent user interface and efficiency reduce both training and operational costs making Project Cost likely the most cost-effective project costing module in the Dynamics GP marketplace.
8 – Early Processing
Auditors worry that users may input labor charges before they are completed. Project Cost records the date and time of entry as well as the actual transaction date. This allows auditors to easily locate any transactions entered before the work was completed.
9 – No Need to Print and Sign Timesheets
The DCAA considers the technology used to validate users in Project Cost T&E Entry equivalent to an electronic signature. This means that employees don’t need to print and sign timesheets.
10 – Built-In Dynamics GP Integration to DevExpress Report Writer
One of the Federal Acquisition Regulations’ original goals was to standardize cost submissions. As time passed, the audit agencies’ submission requirements diverged. The integration with the DevExpress Report writer allows each contractor to readily meet the submission requirements for each funding agency.
For DCAA Audit Guidance and links to more documentation, click here.
If you would like to learn more about Project Cost feel free to:
If you need a way to manage, track, and report on projects in Dynamics GP, then you may be doing some research on what solutions would be best for your business.
Two that should show up in your Google search are Project Cost and Project Accounting.
Is there a difference?
Project Accounting allows you to keep track of revenue and expenses for a specific project, job, or other work subcategories of your company. It also lets you to group projects together and report on that grouping. Reporting can include both actual and budget figures.
Project Cost is a tightly integrated project module for Microsoft Dynamics GP, with GP requisition integration, cash receipts processing, and Report Integration for Dynamics GP and DevExpress.
Both can manage and track your projects. Both work with GP. Both have reporting capabilities.
But there are some key differences that you should be aware of when deciding, and we have broken them down for you in this simple chart.
Here are some important points to consider:
- Tracking project details and WBS is an essential functionality to modern Project systems.
- Project Accounting may have implementation costs associated with T&E entry.
- Any cost accounting system without a good audit trail and reconciliation toolset is inviting increased maintenance problems as well as concerns with Sarbanes-Oxley compliance.
- Audit problems, lack of Cost Pooling and Allocations are critical issues for Government Contractors.
- Most companies have some unique reporting needs.
- Count the number of windows that need to be opened to bill a single timesheet transaction. Make sure your system is efficient.
Looking into both solutions is important. Make sure you know the ins and outs so you can select the one that will meet your business needs.
If you would like to learn more about Project Cost feel free to:
Project Cost is the most fully and tightly integrated project module for Microsoft Dynamics GP, with GP requisition integration, and cash receipts processing. And we are only making it better.
What’s NEW in Project Cost??????
We have a few features you should know about to help streamline processes, gain greater visibility into projects, and track requisition workflows.
Track those Cash Receipts
- You can tag cash receipts to any project or task
- Track them in your inquiry window
- See cash receipts that have been received for a project
- Track multiple funding sources and tag to a single project
How to track:
- Turn on enable cash receipts processing in the set-up window.
- Put in a sales transaction, tag it to a customer and project and task, when a customer sends in payment they will indicate the invoice they are paying, so you can create a receipt and apply. Since the sales transaction was already tagged to a project and task you can pull down the information to see where the cost and revenue were associated.
- You can then look at the project and task on the cash receipt.
If you haven’t been doing this already, it is a good idea to inquire on your projects from the inquiry window to see the performance of your projects. You will have access to hyperlinks to drill down on more information such as details about the transaction link like PO commitments.
Greater visibility with Requisitions
- Project Cost works with GP requisitions
- Tag a project and a task for an expense
Turn on the GP workflow piece to take advantage of its full functionality.
YOU will gain greater visibility into the entire process and see when:
- Requisitions convert to a PO
- It is approved
- Vendor receives PO
- Goods are received
Reporting at your fingertips
Project Cost has a new tool to make reporting work simpler and easier® in Dynamics GP and with your projects.
- You can print reports from a single window
- You need to be logged in as anyone but SA
With this reporting tool you can pull in:
- From and to date
- A particular project
- A particular budget
All reports can be exported to excel and emailed to anyone who needs it. It also comes with a collection of out of the box reports such as Chart of Accounts.
If you are a government contractor, print out a 1034 report quickly and easily and in the correct format.
Even non-GP users can access reports, you can set up reports to be seen by everyone or certain users in the security options.
Check out this video to see it all in action!