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[Najeem JanatAli]

Hi All

Please can anyone share the pros and cons of setting PROJECT as: 

-Financial dimension under General Ledger module

-Project ID under Project and Management accounting module, by setting up PMA module

Or to set up project both as project ID and dimension

Thanks and kind regards

[Zvika Rimalt]

Setting up a project ID just as a dimension gives you a “light weight” option to track certain expenses (or revenues)
Setup is quick and easy, recording value is simple through general journal entry or through document posting (e.g. purchase order).

Using the Project module is much more involved.
There is much more setup to do to make it to work, and recording each transaction is more complex (you need to provide all kind of additional information, you cannot simply record a general journal).
On the up side it gives you much more sophistication of functionality – better way to match up revenue with related cost for reporting purposes.
Functionality around billing customers for project work
Functionality about setting up posting rules making sure expense/capital/revenue is posted to the correct accounts (less prone to user data entry mistakes).
and more…

At the end deciding which way to go depends on the complexity of the business requirements you have, and whether the benefit of meeting them is “worth” the added complexity.

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Zvika Rimalt
Functional Consultant
Vancouver BC
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[James Sonne]

Najeem,
Setting up a ‘custom’ Financial Dimension named “PROJECT” is a good way to organize General Journal Tranactions without setting up the Project Management and Accounting module (PMA).  You can always add another Financial Dimension later on pointed to the PMA module.  You can create your own Financial Dimension Values to track whatever you want, then easily report on the using Financial Dimension Sets; example:  Main Account + PROJECT (MA+PROJ)

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James Sonne
sonnej@365FinanceArchitect.com
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