Project Accounting Overview

Overview

The articles in the Project Accounting category provide background and detailed processing instructions associated with the Project Accounting module in the Veracross Accounting System. They include instructions for day-to-day processing of project-tasks, and referencing project-task numbers on transactions such as AP Invoices, Cash Receipts, etc.

Each Veracross installation is highly customized to meet the specific needs of each school. Therefore, the screens displayed in these articles should be considered a general guide, and may differ slightly from the screens that you encounter when using the system. Access to certain menu operations, reports, and data fields may also be limited by security. So, it may be that certain elements portrayed in this document are not displayed on your screens NOT because they haven’t been configured, but because your account may not have the necessary privileges. If you have questions about your specific installation or security privileges, contact your Veracross Accounting Manager.

Project-task Master Cycle

The Project Accounting module of Veracross can be used to track the life cycle and activity of Project-tasks processed by your school. The typical process is as follows:

Confirm Project Type

Before entering a new Project-task Master, you should confirm the desired Project Type has already been entered in your system. If it is not, create a new Project Type.

Enter a Project-task Master

A Project-task Master can be generated by accounting department users only. When entered, the Project-task Master defines the following required fields:

  • project number
  • project name
  • project type

It also defines the following optional fields:

  • project manager
  • cost center
  • start date
  • completion date

Once all pertinent data is entered, the Project-task Master can be officially “added/saved” to the system, where the “Approved” flag will be set, and the “Approved By” and “Approved Date” fields will auto-populate.

Once added to the system, the Project-task Master will appear in one of the Project-task reports, such as the “Active Project-task Report” or the “Find Project-task” report, each located on the Project Accounting homepage.

Reflecting Project-task Numbers on Transactions

When transactions are entered into the system via one of the other homepages, the Project-task Number can be recorded onto those transactions.

In addition to tracking activity directly from a Project-task Master, reports can be run to review project activity.