Project accounting becomes easier with Copernicus Project for economists, project managers and customer responsible managers.
In connection with the end of the month, it’s a matter of shortening the time from time reporting to closing of the books. The system is designed to facilitate and streamline the work in connection with the book closing.
Actual reported time
All time reporting is collected in a time bank in project accounting. This can be followed-up separately and either be invoiced or make up the basis for follow-up of the project. Actual reported time can be coded in both non-contra and contra account.
Work in progress
Work in progress is an assignment that has started but not completed by the closing day. The assignment can be a continuous invoice or assignment at a fixed price. Assignments of continuous invoice mean that compensation is based upon actual time taken and actual fees for the assignment. Assignments at fixed price mean that compensation is paid at a fixed amount when the assignment has been completed or when the phase has been completed.
Work in progress must be estimated with the closing of the books, as revenue is the value of carried out performance during an accounting period and costs are the value of used up resources or utilized services during an accounting period. By setting up coding rules for the valuation of reprocessing, the work with the monthly book closing can be automatized and streamlined.
With Copernicus Project Accounting you get a reliable book closing process and save a lot to time.
Invoices are automatically coded from established rules. Copernicus Project also keeps track of advances and continuous invoices. There are functions for deduction of invoiced advances.
If there are several financiers to an individual project, all of the costs are to be divided between them. The division between these can occur in different ways. This happens through rules and regulations that are set up for the project.
Copernicus Project - Project Accounting contains powerful functions for handling internal charges. Pricing is calculated with a price per hour or as a percentage of customer end price. The elimination of internal accounting occurs automatically according to established rules. It is possible to handle dealings both within your company and well as between different companies within a group.
With special functions you can reorganize and move co-workers, as well as arrange that a project shall follow the project owner. All this as Copernicus Project is built to work in a world of constant change.