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Hello,
Our accounting department want to classify some project categories into both, item and expense types. As I know this is fixed by the category group but a project category can only be member of a one category group.
So, must I duplicate each category and assign it to a his respective category group? I think this is unmanageable. Is not there a better solution?
Thanks
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Setting up of commitment tracking in project for the appropriate business documents will address this issue as there is an incomplete Purchase order to Vendor invoice process.
Depending on the business practices o the company not all of tracking options need to be enabled. Timesheet and expense reports are good examples of document not needing commitment tracking as their life cycle is short and typically don't affect cash flow projections to justify performance impact and data tracked
Yes, I'm realizing they are trying to manage a kind of exception when the process fails.
I think what we need is take profit to this
Don't you think?
Thanks
It sounds like they are attempting to determine outstanding commitments for the project.
The question I have is how are they determining the expense category and amount to be enter which is represented by a pending vendor invoice which does not have a purchase order?
Hello axrookie,
I don't think that it is necessary setting up duplicate categories for the purpose you describe. Have you tried configuring and using project item requirements and or project budgets / forecasts?
Please also talk with your finance colleagues why some invoices get registered but others not. Sounds as if there is a problem in your invoice process.
All the best
Ludwig
Hello,
They use only in the monthly close accounting procedure and just in case purchase order invoices are not registered. They use as a kind of expenses estimation.
When invoices arrive some are not registered at time and accounting department creates a line in journal to see this expense (they use an identical category but his type is expense).
Thanks
Hello axrookie,
What you write sounds interesting. Can you let us know how your colleagues plan to do the comparison of the expense and the item invoiced in the first and second step?
To me it seems something that is highly dependend on the process steps. Is this something they did in their previous System?
Any additional information from your side on this process would be great.
Ludwig
Both categories go to the same main account. For analysis they want to differentiate because they correlate the expense (first step) with the item invoiced (later step when invoice is received).
Maybe is a question of procedure? Any suggestion?
Thanks
Yes... You do. Is it because they want to account it differently. The categories are the best for this purpose, but you can use financial dimensions to be able to differentiate in accounting. Maybe that can be an alternative if you have a lot of categories...
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