Project Management and Accounting

Project management applications and accounting applications are fully integrated. Accounting transactions affect both the general ledger and your project information. Your accounting and project records are always synchronized.

When you process an accounting transaction, you must supply a project number, a phase/task number (if the project is set up to use phases and tasks), and account numbers. The project number (and phase/task number) tell Vantagepoint where to post the transaction data on the project side of your database. The account numbers tells Vantagepoint where to post the transaction data on the accounting side. In some cases, you may explicitly specify one or more accounts for a transaction, while in others, Vantagepoint may assign some accounts indirectly, based on system settings and/or predefined relationships between records (for example, between project WBS elements and an organization).

For example, when an employee records a reimbursable expense on an expense report, the employee must enter a regular project number and a reimbursable account number for the expense. When the transaction is posted, the expense amount appears on project reports associated with the project number that you entered. The expense amount also appears as part of the total reimbursable expense amount on your Income Statement, as part of the account balance for the account number that you entered.

Because you enter transactions only once, the project management data and accounting data remain in balance. The year-to-date revenue, expense, and profit totals for your project reports always tie to the same totals on your general ledger reports.