Project Accounting

As someone who has worked with Dynamics GP Project Accounting since Great Plains originally acquired it in 1999, I have dealt with many issues, but I have to say I am comfortable with the software. Therefore, when a prospect asked me to look at Dynamics AX Project Accounting I was hesitant. However, I knew Dynamics GP Project Accounting was not good fit for them, so if I wanted to win the business maybe Dynamics AX would be the answer.

As I started looking through the features and benefits, I was certainly impressed. There are many differences between Dynamics GP Project Accounting and Dynamics AX Project Accounting, but I would like to point out three of the top one that immediately caught my attention.

1. You can use every transaction type with Project Accounting. Therefore, if you need to post a journal entry or sales order to a project, you do it the same way as you do for a non-project transaction. This makes it easier to learn and more consistent for your business processes. In addition, this makes for more consistent reporting.
   
2. In Dynamics GP there are only three project types (Fixed price, Time and Materials and Cost Plus), but Dynamics AX has seven project types. The project types are Time and material, Fixed-price, Internal, Cost, Time, Investment, and Summary. The Cost, Time and Investment project types are for internal projects. Dynamics GP does not handle this area well.
   
   1. Time projects gather hours without ledger postings. For example, use this for registering holiday hours.
      
   2. Cost projects post all cost expenses and items to a profit and loss account that you will not capitalize.
      
   3. Investment project uses an estimate system to capitalize the costs of hours, expenses and items during the project. On a monthly basis, you move all costs to work-in-progress accounts. On elimination, you can post the WIP value to a fixed asset, ledger account or new project.
      
3. Dynamics AX includes the functionality to help manage the project be scheduling employees and resources for the project. You can do scheduling by using a wizard inside of Dynamics AX or by integrating with Microsoft Office Project Server. This allows Project Accounting to move beyond simply accounting for the project and move toward truly managing the project.
   

These are just three of the top differences I immediately noticed when I first looked at Dynamics AX Project Accounting. There are many other differences or additional features including flexible workflow, web based time and expense entry and web based project management tools.

If your company does project type work, either for customers or internally then Dynamics AX Project Accounting may be the solution for you.