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Saturday, January 19, 2013

Project Management and accounting in Ax 2012

Imp Info regarding Ax 2012 Project management and accounting module:

·        Use this module to plan, create, manage, control, and complete projects for your organization.

·        Customer-focused projects can be set up on a time and materials or fixed-price basis.
You can also use the module to manage costs for internal and investment projects.

·        For external projects, you can create project quotations that can be converted to projects.
You create project contracts with one or more funding sources that will be invoiced for project costs and fees.

·        Each project that you create can have one or more subprojects and activities that are made up of the project work structure.

·        You can create financial forecasts and budgets for cost control and to measure project performance.

·        You can assign attributes for project skills and experience to workers to enable you to search for and assign workers to a project that is based on skills and availability.

·        During project execution, employees and contractors can enter project timesheets and expense reports.
Required items and services can be procured and charged back to the customer.

 
Project mgmt. and accounting can be understood as the below 3 stages:
1.      Initiate Project
2.     Execute Project
3.     Analyze Project

 Initiate Project will contain below tasks:
1.      Create, send and confirm quotation
2.     Create Project contract
3.     Create Project and work breakdown structure
4.     Create Project forecasts and budgets
5.     Assign workers and categories

Execute Project will contain below tasks:
1.      Manage Project work breakdown structure
2.     Manage Project forecast and budgeting
3.     Enter time and expenses
4.     Procure products and services
5.     Process project invoices
6.     Recognize revenue and capitalize costs
7.      Close, eliminate or convert projects 

Analyze Project will contain below tasks:
1.      Analyze cash flow
2.     Review costs
3.     Analyze performance
4.     Review invoices
5.     Analyze utilization
Project Management and Accounting module

You must be wondering what is Work Breakdown Structure (WBS). Below are few details:
  • Can be better understood as Structural breakdown of work. i.e, WBS defines the set of tasks performed on proejcts.
  • Can be used for fine grained tracking of hour, expense, and item consumption and forecasting.
  • To track the total cost of a specific task, specify the activity associated with the project transaction (when entered through a project journal)
  • Activities are set up using an activity hierarchy, in which subactivities are created as smaller tasks within one large task or phase of a project.
  • To set up activities, open Project management and accounting > Common > Projects > All projects. Highlight the project for which you want to set up an ABS. In the Action Pane, select the Plan tab. In the Activities group, click Work breakdown structure.
 
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