Insight
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Project Costing

Project Costing (PC) is the foundation for an activity-based costing system. Many utilities are aware of the need to define, manage, and account for projects. This module provides a robust and flexible environment to enable a utility to properly establish a Project Costing accounting system.

Projects are defined as an identifiable piece of work for which costs (and revenues) are to be tracked. One or more tasks can be attached to a project – a task being a further breakdown of a project. A project and task can be referenced on any transaction entry screen in this module, and upon posting of that transaction, the project in the Project Costing module automatically updates. Inquiries and reports are available to analyze the cost and/or profitability of a project. Project and task references are available in all data entry screens, permitting data entry simultaneously for both standard accounting and project accounting requirements.

 

Key Features & Benefits of the Insight Project Costing Module

Project Tracking:

Projects and associated tasks can be established for activity the utility desires to track. Tasks are sub-categories of a project, and a project may consist of one or many tasks. The task field is a user-defined segmented field, allowing the utility to format the task to their needs. Projects may be grouped and classified for reporting purposes.

Cost (and Revenue) Tracking:

A project and task can be referenced on virtually any transaction entry screen in Insight, including General Ledger, Payroll, Accounts Payable, and Inventory. Upon posting of the transaction in any module, project costs are immediately updated, eliminating any duplicate or secondary data entry. This permits timely and accurate cost reporting.

Should a project be billable, a project may also be referenced in the Accounts Receivable sales/invoice screen. This allows revenues, as well as expenses, to be recorded to projects, which then allows project profit/ loss statements to be generated.

A separate quantity field exists when recording costs to a project, enabling the utility to track a quantifiable measurement associated with the cost.

General Ledger Integration:

General ledger accounts can be set to always require the entry of a project number during transaction entry, optionally allow the entry of a project number, or never allow for the entry of a project number. This feature allows the utility to implement project costing within the existing chart of accounts structure, and aids in data entry validation

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Project Maintenance

Project Costing also Delivers:

  • Unlimited number of projects and tasks per project.
  • Projects can be associated with a miscellaneous A/R customer.
  • Ability to enter budgeted amounts per project and task, allowing comparison of actual to budget.
  • Projects can be for a defined time period, or can carry forward from year to year.
  • Original transactions are stored for inactive projects, allowing historical reporting.
  • Reports include project lists, project charges (cost and revenue), profit/loss statement per project, and others.
  • Inquiry screen to see all costs for a project, or a subset of costs filtered by date range, task, type of cost, etc.
  • Complete activity-based costing functionality via user defined project/task designations.