Why Oracle Project Accounting?

IT Convergence
By ITC Oracle Educator
July 19, 2010

When considering undertaking any project, regardless of which business sector involved, the budget is always defined along with a proposed time-frame for executing the respective phases of the project. The Oracle Projects Suite allows a team to streamline their joint efforts to effectively control a projects life-cycle; the core modules which formulate the Oracle Projects Suite comprise of Project Costing and Project Billing. This is why it’s only fitting that we’ve titled our upcoming workshop under what should have been its true name – Oracle Project Accounting!

There are several modules that make up the Oracle Projects Suite, which include; Project Contracts, Project Resource Management, and Project Management. These additional layers are complimentary to the core Project Costing and Project Billing modules.

Project Costing was developed to process expenditures and determine real-time costs to specific projects while integrating “Posts“ to the appropriate General Ledger Accounts (Oracle General Ledger). The Costing module handles the following types of expenditures; Labor (Oracle Human Resource), Expense Reports (Oracle iExpense), Usages, Supplier Invoices (Oracle Purchasing/Payables), Pre-Approved Expenditures and Burden Transactions.

Project Billing on the other hand, assures that the revenue is defined in terms of a process; allowing the organization to comprehensively control each stage of the billing cycle from invoicing to the interface with Oracle Receivables as well as “Posting” transactions to the appropriate General Ledger Accounts. The Billing module handles the following types of functions; Customer Information, Defined Contracts, Time and Material, Auditing along with Reporting Projected Revenue and Status (Oracle Receivables).

Premier Support to the 11.5.10 Application will conclude on November 2010. Many organization are planning an Upgrade to R12 in order to avoid de-support affiliated costs and remain competitive, with the latest features available. In answer to Oracle’s deadline to Upgrade or become de-supported, the OAUG and IT Convergence have responded with our latest set of Oracle Applications Workshops. The partnership creates an added benefit for affiliates of the OAUG by providing discounts to help develop and maximize the potential of Oracle competencies within the member organizations.

The “Oracle R12 Project Accounting” Workshop focuses on helping you understand the capabilities and boundaries of each module within the Oracle Project Suite, so that you can effectively monitor and avoid variances. Thus, maintain a project that meets specifications. The curriculum includes; Accessing Billable and Non-Billable costs (iExpense, Timecard, Purchase Order, and Supplier Invoice), Define Expenditure Categories, Track Project Costs, Transaction Control, Interface Oracle Projects with Oracle Financials, Auditing Trails, Accrue Revenue, Manage Funding Agreements and Revenue Budgets.

Take your first step in the right direction; ask the questions and get the answers you need before starting your next project. The Oracle R12 Project Accounting Workshop will be held in New York from September 13th to 16th, 2010. Be sure to reserve your place and move your career in the fast lane, click here to go to our website.

Interested in finding out more information?

Contact us at 1-800-675-0032 ext. 2409

ITC Oracle Educator

Written by ITC Oracle Educator

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