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Project set up as Financial dimension or Project ID

  • 1.  Project set up as Financial dimension or Project ID

    TOP CONTRIBUTOR
    Posted 23 days ago
    Hi All

    Please can anyone share the pros and cons of setting PROJECT as:

    -Financial dimension under General Ledger module

    -Project ID under Project and Management accounting module, by setting up PMA module

    Or to set up project both as project ID and dimension

    Thanks and kind regards
    The first step toward cloud success. - Migrate from AX to D365 with expert guidance from Microsoft. I'm Ready


  • 2.  RE: Project set up as Financial dimension or Project ID

    TOP CONTRIBUTOR
    Posted 21 days ago
    Setting up a project ID just as a dimension gives you a "light weight" option to track certain expenses (or revenues)
    Setup is quick and easy, recording value is simple through general journal entry or through document posting (e.g. purchase order).

    Using the Project module is much more involved.
    There is much more setup to do to make it to work, and recording each transaction is more complex (you need to provide all kind of additional information, you cannot simply record a general journal).
    On the up side it gives you much more sophistication of functionality - better way to match up revenue with related cost for reporting purposes.
    Functionality around billing customers for project work
    Functionality about setting up posting rules making sure expense/capital/revenue is posted to the correct accounts (less prone to user data entry mistakes).
    and more...

    At the end deciding which way to go depends on the complexity of the business requirements you have, and whether the benefit of meeting them is "worth" the added complexity.

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    Zvika Rimalt
    Functional Consultant
    Vancouver BC
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    The first step toward cloud success. - Migrate from AX to D365 with expert guidance from Microsoft. I'm Ready


  • 3.  RE: Project set up as Financial dimension or Project ID

    Posted 12 days ago
    Najeem,
    Setting up a 'custom' Financial Dimension named "PROJECT" is a good way to organize General Journal Tranactions without setting up the Project Management and Accounting module (PMA).  You can always add another Financial Dimension later on pointed to the PMA module.  You can create your own Financial Dimension Values to track whatever you want, then easily report on the using Financial Dimension Sets; example:  Main Account + PROJECT (MA+PROJ)

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    James Sonne
    sonnej@365FinanceArchitect.com
    ------------------------------

    The first step toward cloud success. - Migrate from AX to D365 with expert guidance from Microsoft. I'm Ready


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