Project Accounting vs Project Cost – What you need to know

Jul 14, 2020

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:

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