Overview
Companies run projects to plan and coordinate the work, staff employees, and track project progress and costs. In this scenario, a Work Breakdown Structure (WBS) as an accounting structure is created. Planned project costs can be uploaded by the project financial controller.
After releasing all or part of the project, the project is executed and project-related purchasing can be performed.
In Finance, you can enter direct activity allocations or general journal entries with regard to project WBS elements. The project financial controller monitors the project costs. At period end, project-dependent, period-end, closing activities—such as overhead application or settlement—can be executed. At the end of the project, the financial controller completes and closes each project part, and finally the complete project.
First, Work Breakdown Structures (WBS) are defined. Next, the right project profile inside the WBS is selected. Finally, accounts are assigned. The following video explains how Project Control for Finance supports you in completing this process.