What made it on the list?

The Event of the Summer

Over 200 people attended, but if you didn’t, don’t worry. We saved the recordings for you. Mark your calendar – our Winter event is Feb. 2 & 4.


PC vs PA – What you need to know

Download this one-pager to make sure you know the ins-and-outs and select the one that’ll meet your business needs.


How Dynamic is Your Pricing?

You can generate profitable revenue with flexible pricing and real-time demand. Whether your pricing is based on certain customers or quantities, or whether the shirt is green or blue, we got you covered.

Saving Time & Saving Lives

Read how the Donor Network of Arizona uses SmartFill to save time on their searches so they can focus more on what they do best, saving lives!



Streamline Your Rebate Process

Are you ready to ditch those spreadsheets and manual processes? Here is your chance to learn how.



See Why We Had Over 100 Attendees

We’ll show you:

  • How to find information up to 83% faster with this quick and easy Google-style data search tool.
  • Access your cloud and on-premise data from one, easy to use app.

Got Pricing?

You have options, and we’ve done the homework for you. Compare Standard and Extended Pricing, Omni Price, and RPM to see which one will work for you


Who’s working remotely this year?

This webinar sure hit home with all of the remote workers.

  • Track data changes and changes in productivity too
  • Make finding records across the system simple and easy
  • Log out those idle users

Are you a couch survivor?

We hope you were a part of our Rockton Staycation. We rocked the socks, masks, glasses, and couch. Check out this parody, it sure was popular with over 900 views.



Staycation all I ever wanted…..

If you’ve attended one or all thirteen of the last GPUG events, you know Mark took the stage with a song. We still have one more parody to end the year.


ASU 606 Changes for 2020

The History of Federal Regulations

The first regulations were implemented by the IRS to improve tax collections on long-term or multiple year contracts.

The second push came after our military leaders became intolerant of the pricing policies of major contractors.  The policies would be considered fraudulent in today’s environment.

The new standards wish us to:

  • Use performance obligations to trigger revenue recognition
  • Allocate contract revenue fairly to performance obligations
  • Adhere to standardized revenue recognition profiles

Objectives:

  • Financial Statements that are more comparable and standardized across industries and geographies
  • The changes initiated by ASU 606 were initiated by Wall Street to provide investors with more consistent published financial information

Requirements:

  • Performance Obligations
  • Allocate Revenue
  • Revenue Recognition Profiles
  • Capitalize Additional Sales Cost
  • Capitalize Variable Consideration

Now that we know what the regulations require us to do, let’s look at what the regulations are trying to control.

ASU 606 wants concise and transparent math and no delays that would affect revenue recognition timing.

What are the key impacts and how do they pertain to you? We have outlined them below.

The core principle of Topic 606 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

  • ASU 2019-08, Shared-based consideration payable to a customer
  • ASU 2018-18, Targeted improvements for collaborative arrangements
  • ASU 2018-08, Clarifying the scope and accounting guidance for contributions received and contributions made
  • ASU 2018-07, Improvements to nonemployee share-based payment accounting
  • ASU 2016-20, Technical corrections and improvements to ASC 606
  • ASU 2014-09, Revenue from contracts with customers
  • ASU 2016-11, ASU 2017-13, and ASU 2017-14, Amendments to SEC guidance related to ASC 606

The revenue recognition standard explains that to achieve the core principle of Topic 606, an entity should take the following steps below.

5 Revenue Recognition Steps:

  1. Identify the contract with the customer
  2. Identify the performance obligations in the contract
  3. Determine the transaction price
  4. Allocate the transaction price to the performance obligations in the contract
  5. Recognize revenue when the entity satisfies a performance obligation

The 606 applies to every company except 2 types: insurance and leases

One of the most common examples in our industry as it pertains to the ASU 2014-09, revenue from contracts with customers is professional services and software sales type of scenarios. Here is an example.

The ASU 606 wants:

  • No games with unit prices
  • Consistent revenue timing
  • Recognize revenue when certain

To Sum It All Up

Treat revenue recognition like performance obligations, using consistent methods across contracts. Additional sales costs are costs incurred to obtain or prepare to meet contractual performance obligations. They are costs that would not be incurred if the contract was not awarded.

The purpose of this update is to provide insights and a better understanding of these changes and how they can affect your business.

If you would like to learn more about Project Cost feel free to:

Project Cost for Government Contractors

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.

perfect audit trail for government contractors

The audit trail records all transaction data as well as:

  1. Modified Date and Time
  2. User who edited
  3. Transaction User ID
  4. Employee ID from the Payroll System
  5. The approver for the Cost Side of the transaction
  6. 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.

Sample Dynamics GP Cost Document and Sale Document Links

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
  • Payables
  • Cash Receipts
  • Most Requisition Modules
  • Sales Order Processing
  • Inventory
  • General Ledger
  • Receivables

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.

More Background

For DCAA Audit Guidance and links to more documentation, click here.

If you would like to learn more about Project Cost feel free to:

Connecting the Dots Between Project Cost, Dynamics GP, and Concur

Just like a blind date if there is no real connection, it doesn’t work. Well, we have a real connection between Project Cost, Dynamics GP, and Concur and it will make your work simpler & easier®.

Let’s Break it Down

Project Cost

What it does:

  • Integrates with Payables, Receivable, Inventory, Sales Order, Purchase Order, Payroll, General Ledgers, and Smartlist Modules
  • Eliminates unnecessary keystrokes and double entry
  • Automates the creation of invoices, employee expense transactions, payroll transactions, project budgets, and project purchase orders.

How it makes your work simpler and easier® in Dynamics GP:

  • Users can logon anywhere/anytime to record Time and Expense information
  • Managers can use the powerful Budgeting and Project Analysis Tools

Wipfli Concur Connect for GP

What it does:

  • Provides a secure, seamless connection between Concur and Microsoft Dynamics GP.

How it makes your work simpler and easier® in Dynamics GP:

  • This seamless integration means you don’t have to download, manipulate and reupload data into different systems.
  • Built into your ERP’s environment, so you don’t have to switch between applications to transfer data. You can continue working in your ERP.
  • The connector is prepackaged and cloud-to-cloud, which makes it easy to use and helps ensure a fast, real-time stream of data into your ERP’s different modules.

Having a link between these systems means no double entry of data, streamlining the invoice, payment and approval process, and tying them to a project.

How does it work?

Once the invoices are fully approved and extracted from Concur all you have to do is run the integration and this will initiate the process and bring them all in from Concur. There is even a validation process.

You will get a message if any of them failed and why a voucher could not be created.

All of the successful non-project invoices will sit in an unposted AP batch.

For those that are tied to a project, they go directly to the Project Cost module for validation.

Once in Project Cost they are cued up and know they need to populate in the import window. You can then review and validate them.

Once validated you can process and post them in Project Cost to the individual projects.

You will also see those with errors as well with a detailed error description.

You can also go to each individual project to see the impact of these costs and how they hit the project.

Want to see it in action?

In a recent Rockton and Wipfli webinar we showed this tool in a customer’s test environment.

What we covered:

How to:

  • Seamlessly integrate expense data and invoice processing between 3 systems you use daily
  • Reduce errors and manual entry with a tool that talks to them all
  • Automate Concur AP purchases into Dynamics GP and Project Cost

Check out this 30-minute recording.

Send this to a friend