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Dynamics 365 Community / Forums / Microsoft Dynamics AX (Archived) / Project Accounting - w...
Microsoft Dynamics AX (Archived)

Project Accounting - what are the unique transaction for profession service?

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Posted on by lmai 2,442

Hi All,

Has anyone implemented Project Accounting for Professional Service company? They book time into the project.  So the Hour Journal is used.  Other types would be Fee and Expenses.  What type of project do you normally see in Professional Service?  Time & Material? Fixed Price (Percentage of Completion)? or something else? What do you see as unique about professional service that you don't see in other industry?  Your feedback is appreciated. 

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  • Verified answer
    Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at

    Hello Kim,

    I regularly see Professional Service companies making use of Time&Material project types. Cannot even remember whether such a company ever used a fixed price project, which is more often used in production/construction companies.

    One thing that is often quite different in Professional Service companies is the extent to which resources (employees) are planned, scheduled and organized for those projects. That's something you have to investigate in detail. Have seen a lot of companies that integrated 3rd party scheduling tools.

    Best regards,

    Ludwig

  • lmai Profile Picture
    lmai 2,442 on at

    I see.  Thank you, Ludwig, for your feedback.

  • Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at

    Guess the best thing is setting u a demo system and then just doing some testing to identify what might be special in your case. Best regards

    Ludwig

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