MYOB Acumatica - Projects. Managing Finance to he next level!

In MYOB Acumatica, a project is defined as a one-time effort planned for execution within specific time and cost limits, and with an expected budget and revenue. A project can consist of one task or multiple tasks, and you can associate individual projects and tasks with workgroups. You can define projects and specify their settings, including defining tasks and populating projects with employees, resources, and equipment. 

This project accounting functionality helps you monitor and manage costs and budget, and predict expected revenue. You can associate any entered document with a specific project, which ensures that all project-related activity will be accounted for. You can manage projects of varying complexity across different project types and industries. The following sections briefly describe the specifics of project accounting in MYOB Acumatica. 

Integration with Other Functional Areas

Integration of projects with other MYOB Acumatica functional areas makes it possible to maintain complete project information as the project-related data is entered into the system. Integration with accounts payable and inventory and order management gives users the ability to track project costs and re-bill them with or without a premium and manage billing information. Because employee time and expenses can be tracked in projects, users can track labour costs related to specific projects and bill the employee labour.

Fixed-Price and Cost-Based Projects

MYOB Acumatica supports two types of projects: fixed-price and cost-based. With fixed-price projects, the price for the project is defined at the beginning of the project and is not changed until the end of the project. With cost-based projects, the final price of the project depends on the overall cost of fulfilling the project, and the costs may be invoiced again with or without a premium. You can also run projects with a cap. 

So there is much to consider!  Join us as we dive into MYOB Acumatica Projects. Click below to Register or alternatoely call us to discuss yoru requirements and lest take you through the system!