Project Accounting II in Microsoft Dynamics AX 4.0

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About this class

The two-day Project Accounting II course will help provide you with in-depth knowledge of the projects module. The course comprehensively explores all the project types; which includes principles of the project type, examples of use and how to process them. The course covers topics including setup, configuration, and transaction processing. In Project Accounting I, you learned the essentials to start using Microsoft Dynamics AX Project. In this course you will greatly expand your knowledge of the software. You may already know how to set up Project, now you will understand setup reasoning and concepts to help make sure Microsoft Dynamics AX Project meets your business needs.

Who will the lesson benefit?

This course is for people who want to learn the more advanced features and enhance their Microsoft Dynamics AX Project user and implementation skills. Project II training is recommended for anyone who plans to implement, use, maintain, or support Microsoft Dynamics AX Project. The class is targeted toward implementers and accountants who must understand the advanced technical and business aspects of Project and also gain foundational knowledge of the application functionality.

Contents of this class

Chapter 1: Setup

This chapter focuses on project setup procedures. In this chapter we will configure an accruable line property, Estimate project, and set up ledger accounts. We will also discuss how to define project periods. We will discuss ledger posting accounts and create cost templates. You will also learn how to set up and use Estimate projects and accruable line properties.

Main Topics

• Accruable Line Property
• Setup Ledger Accounts
• Project Periods
• Cost templates
• Estimate projects

Labs

• Create an Accruable Line Property
• Create a new Project period
• Create a new Control type
• Create a new Estimate project

After completing this module, students will be able to:

• Create accruable line properties.
• Setup applicable ledger posting accounts.
• Define project periods.
• Create cost templates.
• Set up Estimate projects.

Chapter 2: Advanced Setup Options

In this chapter we will set up and activate project journal validation. You will learn how project validation can be used to control the recording of project expenditures. You will have the chance to set up detailed restrictions used to control project expenses.

Main Topics

• Validation
• Project Validation Setup
• Reports

Labs

• Validation
• Single Project Validation

After completing this module, students will be able to:

• Explain Project Validation
• Set up and Activate Project Journal Validation.
• Understand and Recognize Different Available Validation Reports.

Chapter 3: Project Control for Internal and Time & Material Projects

This chapter introduces you to advanced internal and time and material projects. Specifically we will cover the use of Work In Process (WIP) and how to accrue costs and revenues.

Main Topics

• Internal Project with WIP
• Time & Material Project with WIP

Labs

• Internal Project That Uses WIP
• Time and Material Project accruing costs and revenue

After completing this module, students will be able to:

• Work with WIP in internal projects.
• Work with WIP and accruals in time and material projects.

Chapter 4: Fixed Price Project Estimate Control

This chapter focuses on the concepts and routines behind estimating fixed-price projects. The usage of Fixed Price Project Estimate Control is an important key to successful project accounting and, in turn, a successful project.

Main Topics

• Fixed Price Project and Estimate Control
• The Estimate Control Process

Labs

• Fixed Price Project and Estimate Control
• Simple Fixed Price Project
• Fixed-price project that uses the completed contract assessment principle
• Fixed-price project that uses the completed percentage assessment principle

After completing this module, students will be able to:

• Create accruable line properties.
• Understand the Concept of How Fixed-price Projects are Run using the Estimate Project.
• Understand the Estimate Control Process.

Chapter 5: Internal Cost Project with WIP

This chapter describes the accounting principles involved with running an internal project with work in process (WIP) in Microsoft Dynamics AX Project module.

Main Topics

• Characteristics of Internal Project with WIP
• Processing an Internal Project with WIP

Labs

Create an Internal Project That Uses WIP

After completing this module, students will be able to:

• Set up ledger posting accounts for an internal project with WIP.
• Track the financial effects of an internal project with WIP.

Chapter 6: Time and Material Project with WIP

This chapter describes the accounting principles involved with running time and material projects with work in process (WIP) in Microsoft Dynamics AX Project module. You can set up ledger posting accounts and track financial effects when you use this project type.

Main Topics

• Time and Material Project with WIP
• Processing T&M projects with WIP

Labs

Create a Time & Material Project That Uses WIP

After completing this module, students will be able to:

• Set up ledger posting accounts for a time and material project with WIP.
• Track the financial effects of a time and material project with WIP.

Chapter 7: Time and Material Project with Accruals

This lesson describes the accounting principles involved with running time and material projects with accruals in Microsoft Dynamics AX Project. You can set up ledger posting accounts and track financial effects when you use this project type.

Main Topics

• Time and Material Project with Accruals
• Processing the T&M Project with Accruals

Labs

Create Time & Material Project with Accruals

After completing this module, students will be able to:

• Set up ledger posting accounts for a time and material project with accruals.
• Track the financial effects of an time and material project with accruals.

Chapter 8: Fixed Price Project No WIP No Match

This chapter of the Project II manual describes the accounting principles involved with running simple fixed-price projects without WIP and matching in Microsoft Dynamics AX Project. You can set up ledger posting accounts and track financial effects when you use this project type.

Main Topics

• Simple Fixed Price Project No WIP No Match
• Processing a Simple Fixed Price Project

Labs

Create Fixed Price Project with no WIP and no Match

After completing this module, students will be able to:

• Set up ledger posting accounts for Simple Fixed Price Projects.
• Track the financial effects of a Simple Fixed Price Project.

Chapter 9: Fixed Price pProject with Completed Contract and Sales Value

This chapter describes the accounting principles involved with running advanced fixed-price project with the completed contract and sales value principles. You can set up ledger posting accounts and track financial effects when you use this project type.

Main Topics

• Fixed Price Project with Completed Contract and Sales Value
• Processing a Fixed Price Project with Completed Contract and Sales Value

Labs

Create Fixed Price Project with Completed Contract and Sales

Project Accounting II in Microsoft Dynamics AX 4.0 / M8632

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