1. Home
  2. ERP
  3. Financial
  4. Project Accounting

By: Peter Poletti


Project Accounting Functions & Features

Project accounting uses financial practices to monitor the schedules and spending of projects.. Project Accounting Functions & Features are an important module of the comprehensive ERP RFP Template for Discrete Manufacturing.

The ERP RFP template with Project Accounting Functions & Features for ERP is a Microsoft Excel spreadsheet (.xlsx) featuring a total of 3761 decision criteria. The ERP RFP template allows you to quickly and easily prepare the business, functional, and technical requirements sections of the solicitation package you'll send to ERP software vendors. It ensures for:

  • complete response from each ERP software vendor
  • deep and accurate evaluation of submitted ERP proposals
  • impartial side-by-side comparison of ERP solutions evaluated
  • rational and documented selection of the best matching ERP system

The ERP software comparison report can save you up to 90% of the time you would have otherwise spent comparing all the ERP solutions from scratch.

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

TEC Advisor can save you up to 90% of the time you would have otherwise spent figuring out on your own which ERP solution is the best for your needs.

Compare Now!
Functions and Features