Oracle Project Accounting Training Online

• Project Costing module helps in calculating the cost and accounting of a project. It also interacts with other modules such as Payables and Purchasing to interface costs related to a project.
• Project Billing module helps in calculating the revenue and billing of a project. It helps in generating invoice for a customer project based on the customer agreement on that project.
• Project Management module helps project managers to manage the project effectively by providing them the visibility of a project (how the project performs, what is the status of the project, any issues in the project etc).
• Project Resource Management module helps project managers to effectively manage the schedule of the project using the available resources. It helps in scheduling of the resources across various tasks of the project based on the resource availability.

Project related Supplier invoices are created in Accounts Payables module. This is a cost against the project and hence has to be transferred from payables to oracle projects. To interface the supplier costs, PRC: Interface Supplier Costs process can be run. This process fetches all the approved and yet to be interfaced invoices to the projects module. These invoices are transferred to Projects module as expenditure items. Each eligible invoice distribution in an invoice is transferred as an expenditure item to projects module. The cost of the item is same as the invoice distribution amount.

Project related Purchase Orders are created in Oracle Purchasing module. This is a cost against the project and hence has to be transferred to oracle projects. There are 2 ways to do this –either create a Supplier invoice against the PO and then interface the supplier invoice to projects module or, transfer the PO cost directly to projects by creating a Purchase receipt against that PO and interface the receipts directly to projects module.

Oracle PA has provided three pre defined project classes.

• Indirect projects – Track overhead activities and costs of the organization. Note: Does not generate revenue and invoicing process.
• Capital projects – Track asset development activities and costs, and costs are capitalized as one or more assets.
• Contract projects – Contract projects created with external customer to track cost, revenue, and billing.

• Examples of Indirect project: Admin Project, Transport Facility etc.
• Example of Contract project: External Project, Intercompany project etc.

• Transaction Currency: The currency in which a project transaction occurs.
• Expenditure Functional Currency: The functional currency of the expenditure operating unit.
• Project Functional Currency: The functional currency of the operating unit that owns the project.
• Project Currency: The user defined project currency.

Overtime is the labor cost calculated using a premium cost rate multiplied by hours.

Bill rate is the rate defined at the job or employee level to derive at an amount which will be billed to the client.