Project Accounting Functions & Features

The Project Accounting Functions & Features comprise the following elements:

• Cost Coding Structure Creation or Maintenance

  Main modules covered Cost codes may be added to the structure without affecting existing projects;Cost codes to general ledger account conversion is maintained in an online table;A cost code may not be deleted if there are any values for that code in existing projects;When deleting a cost code the system either automatically deletes all references to the code from other parts of the system, or disallows the deletion;Retains statistical accounts in a manner that allows the statistical amount to be defined as either a balance forward account or as a balance only account;Uses the same accounting calendars as the general ledger;. Cost Coding Structure Creation or Maintenance, Project Accounting Functions & Features

• Line Item Data Capture

  Functionality below includes A transaction description field of at least sixty characters in the summary or header;Transaction number, transaction type, and general reference fields by line;A line item description initially taken from the sixty character description field in the journal header and optionally overridden by operator;A source or subsidiary accounting system reference field;. Line Item Data Capture, Project Accounting Functions & Features

• Project Creation

  Functionality covered A project can be created from a default table containing different project templates, which in turn contain definitions and separate coding structures;An existing project structure may be duplicated with no data being transferred;A new project type may be created by creating a new task sequence and assigning a cost code structure;Support for multiyear projects;Permits multiple phase project definitions;Tracks a contract change order from identification, where it is reported as pending; to formal approval, when it is included in the contract and automatically transferred to commitment;. Project Creation, Project Accounting Functions & Features

• Transaction Processing

  Modules include Distribution to unlimited project and cost codes accounts;A running total shows the total debits and credits as they are being entered;Posting of financial transactions to open periods;Posting of budget, commitment, or statistical data to any open or future period;Automatic creation of general ledger transactions with appropriate debit or credit offsets;An accounting date or effective date, indicating which cost ledger accounting period is to be posted;. Transaction Processing, Project Accounting Functions & Features

• Project and Cost Coding Structure

  Features and functions below include Provide for user definition of project or cost code segments;Permit user definition of the sizes of each segment;User-defined number of actual, commitment, budget, and statistical accounts for each level of the account structure;Defines summary accounts in a multilevel hierarchy, including features associated with posting accounts;Use the project and cost coding structures for selection required in reporting;Uses date sensitivity in a structure, such as particular roll-up of tasks, which will take effect within a certain period of time;. Project and Cost Coding Structure, Project Accounting Functions & Features

• Reporting Format and Tools

  Functionality below includes Original budget;Authorized funds;Prior budget;Current budget;Commitments;Pending commitments (change orders in process);. Reporting Format and Tools, Project Accounting Functions & Features