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:
- Check out this new features blog
- Schedule a demo
- Start your FREE 30 Day Trial