Project Cost and Project Accounting

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.

Project Cost versus Project Accounting 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 New Features

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:

  1. Turn on enable cash receipts processing in the set-up window.
  2. 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.
  3. You can then look at the project and task on the cash receipt.

Project Cost Cash Receipts

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

Purchase Requisition Entry Window

PO Requisition Entry Screen

Reporting at your fingertips

Project Cost has a new tool to make reporting work simpler and easier® in Dynamics GP and with your projects.

Two tips:

  • 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
  • Allocations
  • A particular budget

Profit and Loss

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!

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