Project Accounting module keeps you on track
Companies and organizations throughout the world embark on internal and customer one-time, non-standard projects as they set up shop, introduce new products into the marketplace, and provide value-add services and custom products based on one-off requirements. Project costs can be substantial, and as such, need to be collected and monitored constantly in order to comply with financial and governmental reporting requirements, track project progress, bill expenses back to the project originators, and assess potential project cost overages. Some of the costs associated with a project are labor, materials, travel expenses, manufacturing job-related costs, services, and portions of overhead expenditures. Projects can usually be categorized as:
- Capital Projects
- Research & Development Projects
- Contract Manufacturing Projects
This document explores how the project accounting module captures and stores costs from the top level to the task level.