Project Series in Microsoft Dynamics GP 10.0

Introduction

The 3-day Microsoft Dynamics GP Project Accounting course explores project management from an accounting perspective. This course teaches you how to create Contracts, Projects, and Cost Categories, and budget. You also learn how to enter costs for projects and perform both Time & Materials and Progress Billing and revenue recognition. During this class, we discuss nearly every feature in the Project Accounting module.

This course will also teach you how to define default values that automatically populate data fields and gather the information you need to make better business decisions by exploring powerful inquiry and lookup functions.

Audience

People who would like to learn features and procedures required to effectively use Microsoft Dynamics GP Project Accounting. Project Accounting training is recommended for anyone who plans to implement, use, maintain, consult, or support Microsoft Dynamics GP. The class is targeted toward data entry clerks, administrators, office managers, and consultants who need to understand the technical aspects of Project Accounting and gain knowledge of the application functionality.

At Course Completion

After completing this course, students should be able to:

Perform all Project Accounting related data entry functions including customer invoicing and cost transactions (Timesheets, Employee Expenses, etc.).

Perform maintenance on Project Accounting documents and maintenance records such as customers, employees, and vendors.

Configure Contracts, Projects, and Cost Categories.

Set up and configure Billing Cycles to facilitate automated billing.

Create and assign rate tables to manage cost and billing rates.

Create and use Contract and Project Templates.

Use reports and inquiry windows in Project Accounting to extract whatever project related information is applicable to your business.

Prerequisites

Before attending this course, students must have:

General knowledge of Microsoft Windows

Working knowledge of Microsoft Dynamics GP

Basic knowledge of accounting principles

Microsoft Certified Professional Exams

No Microsoft Certified Professional exams are associated with this course currently.

Course Materials

The student kit includes a comprehensive workbook and other necessary materials for the class.

Course Outline

Chapter 1: Overview and System Setup

The purpose of this chapter is to give students a general overview of the features and benefits of using the Project Accounting module in an integrated environment. It also focuses on the integration of this module with other modules in the Microsoft Dynamics GP application. In addition, the chapter presents a holistic view of the Project Accounting suite.

Main Topics

Product Relationships

Key Concepts

Integration

Holistic view of Project Accounting suite

User Security

Posting Setup

After completing this chapter, students should be able to:

Identify the features and benefits available when using Project Accounting

Discuss integration that takes place between Project Accounting and other modules within the Microsoft Dynamics GP system

Setup user security for Project Accounting users

Configure Posting Settings for Project Accounting transactions.

Chapter 2: Project Accounting Setup

This chapter focuses on the procedures for setting up Project Accounting. We examine in detail the options available to set up this module to reflect the way your organization does business. Time is spent discussing the benefits of using different setup options. You must set up users, default account sources, each of the cost transaction type, and Billing Setup. Once your Project Accounting setup has been completed, you can start to use the Project Accounting module.

Main Topics

Project User Setup

Project Accounting setup

Timesheet, Equipment, Miscellaneous, Inventory Transfer, Employee Expense, Purchase Order, Purchasing Invoice Setup

Billing Setup

Billing Notes & Reports

Lab: Project Setup

Setup the Project Accounting module

Lab: Timesheet, Equipment, Miscellaneous, Inventory Transfer, Employee Expense, Purchase Order, and Purchasing Invoice Setup

Set up the transaction setup window for each of the cost transaction types

Lab: Billing Setup

Set up the Billing functionality for Project Accounting

Create a Miscellaneous ID

After completing this chapter, students should be able to:

Set up the Project Accounting module

Configure Setup windows for Timesheet, Equipment, Miscellaneous, Inventory Transfer, Employee Expense, Purchase Order, and Purchasing Invoice transaction types

Configure the Billing Setup window

Chapter 3: Configuring Master Records

This chapter focuses on the procedures for configuring Project Accounting records like customers, employees, and rate tables. You must examine in detail the options available to customize this module to reflect the way your organization does business.

Main Topics

PA Customer, Employee, and Vendor Options

Equipment ID and Miscellaneous ID Setup

Project Accounting Setup and Options

Cost Category Maintenance

Rate Tables

Billing Cycle Maintenance

Fees

Lab: Customer Class Setup

Create a Customer Class for use in Project Accounting

Lab: Employee Maintenance

Add Project Accounting info to the PA Employee Options window

Lab: Equipment Class Setup & Equipment Maintenance

Create an Equipment Class

Create an Equipment ID

Lab: Miscellaneous Class Setup & Miscellaneous Maintenance

Modify an existing Customer Class

Create a Miscellaneous ID

Lab: Cost Category Class Setup & Cost Category Maintenance

Add a new Cost Category class

Create a new Cost Category ID

Modify existing Cost Categories

Lab: Position, Employee and Equipment Rate Tables

Create a new Rate Table for each type

Lab: Billing Cycle Maintenance

Create two new Billing Cycle IDs

Lab: Fee Maintenance

Create a new Fee ID for each of the four fee types

After completing this chapter, students should be able to:

Maintain Employee, Customer, and Vendor records for Project Accounting

Set up Cost Categories

Create Contracts, Projects, Fees and budget

Create a rate table

Create a Billing Cycle

Create and use templates for Projects and Contracts

Chapter 4: Contracts and Projects

Time is spent discussing the benefits of using different Project Types and Accounting Methods. You create Contracts, Projects, and budgets to track the information crucial to your company. Once your Project Accounting set up has been defined, there are many reports available to document the selected preferences.

Main Topics

Contracts and Projects

Project Types and Accounting Methods

3rd Party Billing

Change Order Maintenance

Budgeting

Templates

Lab: Contract Maintenance

Create and configure a new Contract

Lab: Project Maintenance

Create and configure three new projects one for each Project Type.

Lab: Template Maintenance & Copying Templates

Create and configure a new template for a contract and project

Copy the template settings to a new contract

After completing this chapter, students should be able to:

Create Contracts

Create Projects

Budget for Projects

Create and use templates

Chapter 5: Transaction Entry

The purpose of this chapter is to define the ways that transactions can be entered and posted in Project Accounting. You explore the difference types of Project Accounting transactions. In addition you must demonstrate posting implications for other Microsoft Dynamics GP modules from Project Accounting and learn the differences between Standard and References transactions. Entering timesheets, employee expenses, equipment logs, and miscellaneous logs is covered in this chapter.

Main Topics

Transaction Entry Overview

Posting Overview

Timesheet Entry

Employee Expense Entry

Equipment & Miscellaneous Log Entry

Lab: Timesheet Entry

Enter and post a timesheet

Lab: Employee Expense Entry

Enter and post an employee expense

Lab: Equipment Log Entry

Enter and post an equipment log transaction

Lab: Miscellaneous Log Entry

Enter and post a miscellaneous log transaction

After completing this chapter, students should be able to:

Enter and post transactions using the transaction level or batch posting method.

Enter the different types of transactions in Project Accounting

Chapter 6: Purchasing and Inventory

This chapter covers purchasing and inventory transactions in project accounting. Concepts in this chapter are a continuation of the previous chapter on transaction entry.

Main Topics

Purchase Orders and Receiving transactions

Inventory Transfer Entry

Edit purchase orders

Lab: Purchase Order entry

Enter a purchase order

Lab: Receiving Transactions

Enter and post a receiving transaction that matches to the previous lab.

Lab: Purchasing Invoice Transactions

Enter and post a purchasing invoice transaction that matches to the previous lab.

Lab: Inventory Transfer Transactions

Enter and Post an Inventory Transfer transaction.

After completing this chapter, students should be able to:

Enter and post purchasing transactions

Enter inventory transfer transactions.

Chapter 7: Billing and Revenue Recognition

This chapter examines the creation of billing invoices and revenue recognition. Once costs have been incurred against a project billing invoices are created. This chapter discusses how time & material projects recognize revenue differently from fixed price and cost plus type projects.

Main Topics

Cycle Biller

Billing Entry

Time & Material invoicing vs. Progress Billings

Revenue Recognition

Cash Receipts applied to invoices

Lab: Billing Cycle

Process Cycle Biller.

Lab: Billing Entry

Enter and post billing invoices

Lab: Cash Receipt

Enter a Cash Receipt

Apply the receipt to a Project Accounting Invoice.

Lab: Revenue Recognition

Enter and post a Revenue Recognition transaction.

Apply the receipt to a Project Accounting Invoice.

After completing this chapter, students should be able to:

Enter billing invoices.

Apply cash receipts to invoices.

Use cycle biller

Enter and post revenue recognition transactions.

Chapter 8: Maintaining Records

This chapter examines the processes that are completed at the end of the month, period, calendar, and fiscal year. This chapter focuses on the errors that may cause Project Accounting to be out of balance with the General Ledger.

Main Topics

Aging Process

Aging WIP Process

Paid Sales Transaction Removal

Remove Completed Purchase Orders

Close Fiscal Period

After completing this chapter, students should be able to:

Complete the processes that should be performed at the end of the period.

Complete the processes that may be performed at the end of a calendar or fiscal year.

Appendix A: Job Aids

This appendix includes a variety of job aids that may be useful for regular users of project accounting.

Main Topics

Posting Flow

Project Series Implementation Guide

Billing Invoice Reports

Glossary

Checklists Project Accounting Setup Checklist

Notes in Project Accounting

Cost and Profit Sources

Appendix B: Case Study

This case study is a comprehensive lab that can be used to reinforce the learning that has occurred throughout the Project Accounting class. The Case Study is generally completed by students on their own after class.

Main Topics

Project User Setup

Transaction Setup

Employee Setup

Cost Category Setup

Templates

Contract and Project Configuration

Cost Transaction Entry

Billing Invoice Entry

Fee Assignments

Revenue Recognition

Reporting

After completing this appendix, students should be able to:

Understand the necessary processes to set up and manage their Project Accounting module

Have more confidence in their ability to use Project Accounting in their company

Appendix A: Reporting

This appendix contains a list of reports available in project accounting.

Main Topics

List of reports

After completing this appendix, students should be able to:

Print and modify reports in project accounting.