Project Control - Finance (1NT)

Project Control - Finance (1NT)

For many purposes, 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 (uploaded by the project financial controller) can be captured in SAP Analytics Cloud. After releasing all or part of the project, the project is executed. Time can be recorded and project-related purchasing can be performed. In finance, allocations or general journal entries can be done with regard to project WBS elements. The project financial controller monitors the project costs through overview pages and detailed project reporting. At period end, depending on the type of project, different period-end closing activities such as overhead application or settlement can be executed for a project. Afterwards, the financial controller completes and closes project parts and then closes the complete project.

Key Process Steps Covered

  • Create project
  • Predict and capture project costs
  • Capture project budget (optional)
  • Perform direct activity allocation
  • Post general journal entry
  • Perform requisitioning and service procurement
  • Record time
  • Monitor project

Benefits

  • Create and maintain simple project up to highly complex hierarchical projects
  • Select different project profiles
  • Capture planned project costs and allocate budget
  • Assign accounts of documents in financials and procurement or external applications to capture actual costs
  • Monitor project-related purchase requisitions and purchase orders
  • Receive live insight into project costs by comparing plan and actual costs as well as commitments
  • Settle project costs to cost centers, G/L accounts, or asset accounting

Where is Project Control - Finance(1NT) being used?

This Scope item is used in the following way:

  • As a management function of Cost Management and Profitability Analysis within Finance Scope Item Group
  • As a support function of Enterprise Portfolio and Project Management within R&D/Engineering Scope Item Group

Process flow of Project Control - Finance (1NT)

Find below the process flow of the scope item Project Control - Finance as it is defined for release s4hc-2111.


Download Process Flow of Best Practice scenario Project Control - Finance (1NT) - S/4HANA Cloud
Ref: R&D/Engineering of SAP S4HC-2111
Best Practices related to S/4HANA*1) Yearly Updates are released per September of each year
*2) The Quarterly updates are released per Februari, May, August and November
Details of future releases can be found in the SAP Roadmap section of each product. Go to SAP Roadmap Product Finder.
Knowledge Center Scheer Nederland | The Process Experts Visit also the SAP Cloud ERP knowledge center of Scheer Netherlands. The following topics are covered:
Place comment