We are investigating allowing all transactions to flow through Project Accounting or Job Cost (Wennsoft) to eliminate some GL accounts. This would require us to setup home cost centers as a project. Since AA is NOT available with PA or Job Cost and we do need projects to manage our projects.
We currently report everything out of the GL and have in excess of 70,000 GL accounts. I need to know the following;
1. Is this common or best practice - I know having 70,000 GL accounts is not.
2. If you are doing this can I talk with you about your implementation.
Kerry, what is the nature of your projects? It appears you are currently using the GL account to record costs by project and you want to reduce the size of your chart of accounts, correct?
Frank E. Hamelly, MCP, MCITP, MCT, MVP
We would like to reduce the size of the COA. 70k is too many.
All real projects are self constructed assets or tracked work on assets.
Basiclly want we are considering is moving the income / expense reporting out of the GL and into 'Projects' for Mgt Reporting. Financial reporting would be at the GL level of course, but for details of which we have many would be at the sub-ledger level. No departmental reporting at the GL level only divisional.
Kerry, it's certainly doable but I've never seen it done before so am not sure how much transactional overhead it will add to your processes. Not being able to make the equivalent of a journal entry in PA is one shortcoming I can foresee. The Misc Charge transaction type in PA is the only way I know of to simulate a journal entry in a project. Then, you have non-project related expenses like rent, utilities, admin payroll, etc. How will you record those?
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