Question regarding Forecast model and Project invoice

(0) Share

Report

Posted on by DNC

Hello,

our customer wants to clarify some questions regarding the forecast model and project invoice in Project Operations (Deployment type: Stocked -> only ERP)

- The first question is regardig the forecast model in the Project Management and accounting model: Is there any difference between the forecast model and the WBS? When I transfer for example the data from the WBS to the forecast model, it is basically the same. If I create some transactions and compare the actuals with the forecast I get the percentage of progress. This is the same as in the WBS where I can track the planned cost against the actual costs.
I know that you need the forecast model to transfer data to the Budget register (or Budget plan) in the Budget model. But thats it. I do not see any difference. Or is there something I do not see?

- Other question is regarding Project Invoices. You can Invoice in the Project Management and accounting model your customer with the help of the project invoices. But that is also possible with the free text invoice in the Accounts receivable module (you just have to activate project fields in the Accounts receinvable parameters). Are there any differences between both? Because I can create a customer Invoice with both. Does the free text invoice has an advantage compared to the project invoice?

I have the same question (0)

All responses (4)

Answers (2)

DNC on at

Like (0)

Report

RE: Question regarding Forecast model and Project invoice

Thanks, that helped

Was this reply helpful? Yes No
Verified answer

saurabh bharti 15,035 Moderator on at

Like (0)

Report

RE: Question regarding Forecast model and Project invoice

But lines in free text invoice doesn't have any source master e.g. item details, expense details like which category free text will just a simple description.

Was this reply helpful? Yes No
DNC on at

Like (0)

Report

RE: Question regarding Forecast model and Project invoice

Hello,

thanks for the answer. I can understand your answer regarding forecast model, but regarding Invoice I need a little bit more clarification from your side please. What do you mean with linking line items with invoice details? You have an invoice header and invoice lines in both Project invoice and free text invoice. Or what do you mean?

Can you be a little bit more precise please?

Was this reply helpful? Yes No
Verified answer

saurabh bharti 15,035 Moderator on at

Like (1)

Report

RE: Question regarding Forecast model and Project invoice

Hi DNC,

Let me try answering:

1. Forecast: You are right we have many things common between WBS and forecast and one of the additional advantage is Transferring forecast to general ledger as budget. Apart from that you have specific reports , you can do forecast revisions etc...

2. Invoice: Free text invoice doesn't provide as much information standard project invoice provides , also the accounting has bigger impact which posting profile, nature of transaction (WIP or actual revenue etc...), Also linking the line items in invoice details. So its better to use project invoice feature always

Was this reply helpful? Yes No