Deciding what is the best way to account for project data in Dynamics GP is a widely debated topic. You can always add a segment to your chart of account structure for “project”, but if you have a high turnover rate on projects this option will result in a very large chart of accounts over time. In order to keep the general ledger from growing to large, using a sub ledger is the next best choice. Two built in options are Analytical Accounting (AA), and Multi-Dimensional Analysis (MDA). MDA is very easy to setup but is a bit limited on features. AA offers more features than MDA and is therefore a bit more complex to configure. If you have complex project billing (invoicing) requirements, then you will want to take a look at a 3rd option from the Microsoft Dynamics GP offering called Project Accounting. From a licensing point of view, you most likely own AA and MDA, but you may need to purchase Project Accounting based on when you bought Dynamics GP originally.
In addition to the 3 modules mentioned above, you might want to have a look at a module called Project Tracking from Encore Business Solutions. Project Tracking (PT) is a fully integrated project module built to work with Dynamics GP exclusively. Once installed, it looks and feels just like any other module that comes with Dynamics GP. PT adds a project sub ledger that can be accessed from all transaction entry windows in GP. PT is very easy to use and comes with many user defined fields allowing it to address a wide variety of project reporting needs. In addition to the core functionality, PT has optional add-ins that can be purchased for project budgeting and importing data.
Here are screen shots of some of the Project Tracking windows:
Tridea Partners has implemented all of the solutions mentioned above and we are happy to speak with you to help identify the best option for addressing your project accounting needs.
This article was written by Andy Warner, Dynamics GP Application Consultant for Tridea Partners. Tridea is a leading Microsoft Dynamics provider serving CA, AZ, UT, CO and surrounding regions.