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How Contracts or Projects in Progress Reports calculate for Project Accounting in Microsoft Dynamics GP


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SUMMARY

This article describes the headings and fields on Performance Reports (Reports | Project | Performance) such as Contracts In Progress or Projects in Progress.


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The Project Totals Columns (Estimated Revenues and Estimated Profits) are the totals from the Forecast Budget.


The heading From Inception To XX/XX/XXXX lists the totals from the start of the Project through the end of the period. So if the column said From Inception to 8/31/2007, the totals would be from the beginning of the Project through the end of August.


The heading At XX/XX/XXXX lists the totals just for that period. If the heading said At 8/31/2007, it would include just the totals for the month of August. If there were entries in July they would not show up on the report.


The heading For the Year Ended XX/XX/XXXX includes the totals for just that fiscal year. It would not include the life of the project if the project spanned more than one fiscal year.


The following is an explanation of the different fields on the report and their calculations:


1. Estimated Revenues = Forecast Billing Amount of all cost categories added together (this is also the Project Amount). This comes from the Budget Detail Entry window (Cards | Project | Project | Budget | highlight cost category and click on the expansion box).


2. Estimated Profits = Forecast Billing Amount – Forecast Total Cost. Also comes from the Budget Detail Entry window.


3. Revenues Earned - Amount of revenue that is earned. When this field gets updated depends on the project type:


a. Time and Materials/When Performed – when the cost transaction is posted.


b. Time and Materials/When Billed – when the cost transaction is billed.


c. Fixed Price/Cost Plus – when Revenue Recognition is run.


4. Recognized Revenue - Amount of revenue that has been recognized after posting Revenue Recognition transactions.


5. Total Costs Incurred - Updated when a cost transaction is posted.


6. Committed Costs - Purchase Order committed costs. Updated when a PO is printed. Relieved when the PO is received.


7. Cost of Revenues - This is recognized cost. When this field gets updated depends on the project type:


a. Time and Materials/When Performed – when the cost transaction is posted.


b. Time and Materials/When Billed – when the cost transaction is billed.


c. Fixed Price/Cost Plus – when Revenue Recognition is run.


8. Gross Profit/Loss = Revenue Earned – Cost of Revenues.


9. Billed to Date = Total Billings to Date.


10. Estimate Cost to Complete = Estimated Revenues - Estimated Profits – Total Costs Incurred.


11. Cost & Est. Earnings in Excess of Billings - Updated when running revenue recognition. Will only be updated if amount earned is greater than billing amount.


12. Billings in Excess of Costs & Est. Earnings - Updated when running revenue recognition. Will only be updated if billing amount is greater than the amount earned.


The last 4 columns are calculated the same way as columns 3, 4, 7 and 8, respectively.

This article was TechKnowledge Document ID:22534

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Article Info
Article ID : 869482
Revision : 2
Created on : 12/19/2017
Published on : 12/19/2017
Exists online : False
Views : 208