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Project Costing IntroductionProject Costing is vital to accurately manage both internal projects like R&D or construction and external projects where work is being done and billed to individual clients. The component parts of a project usually comprise a known set of resources - people, materials, equipment usage, sub-contractors and out of pocket expenditure. These all need to be tracked together against a specific Project or part thereof. What does it do?<Century Project Costing Management treats each project as a unique entity, and handles both internal and external projects. It allows users to track purchases, labour costs, quantities e.g. hours, equipment usage and also billings made against each project. These can be tracked from initial estimates, budgets and revisions through to comparisons against actual expenditures and actual billings made. The Project Cost Module is fully integrated to Century General ledger, Accounts payable, Cashbook, Billings and Fixed assets modules. This means that transactions are entered once only and flow through updating all related areas. A purchase invoice for say travel costs associated with a specific project would be entered in Accounts payable and coded to a Project, this would automatically update the project records, the general ledger and the supplier file with the invoice showing as scheduled ready for payment on the due date. This integration also allows full on-screen enquiry and reporting from each project or group of projects back to the source of each individual transaction. Labour costs are captured and charged to projects through time sheets, entry of which can be done directly by each resource. Time sheet entry can be accessed via a desk-top icon, from remote locations or via the internet. Each resource or group of resources can use up to 4 different charge rates e.g. an internal cost rate and an external charge out rate, or a standard rate and an overtime rate. The Century Project Costing module offers a highly flexible account structure of up to 20 characters, which is independent of the General Ledger structure. It allows an open-ended chart of accounts design supporting multiple projects, cost centres, sub-projects, tasks, Project managers and different types of project. Standard Project Profiles can be set up to enable fast creation of project codes for similar types of projects. Project balances can also be set to carry forward independent of financial year-end or to close off at the year-end depending on their type. Century's Project Costing system can hold transactions for any number of years and these can be used for a variety of user-defined reports. Any number of budgets and forecasts can also be set. The open design means that the period end requires no roll up of values. The structure ensures that all reports can be run for any period, current, future or past and for any year. Data entry speed is also streamlined through the availability of user-determined account masking. » Would you like to know more? Contact us» Back To Top » Back To Century Financials |
