Do you run a services organization in need of a new Project Accounting solution? If so, you’re in luck! NetSuite has released a new module called Job Costing as part of the recently released SRP edition. The basic function of the Job Costing module is to allow time entries to directly impact the general ledger.
Previously, Advanced Projects in NetSuite allowed a company to track “project time” but those costs did not post directly to a company’s P&L. This lack of clarity into true project costs has now been addressed, along with a few other exciting budgeting and reporting functions.
Here’s the low-down on the new module:
- An additional function called Project Budgeting is included in the Job Costing module. Project Budgeting gives a company flexibility to look at high level project reporting for Project Management while not reducing detail in the GL.
- GL accounts for time entries can be determined by service item or by project. This allows a company to segment the reporting in their P&L as well as through time entry reporting, but tie it back to the type of project.
- Job Costing is included in the SRP module, but it can also be purchased a la carte.
If you have any questions about NetSuite SRP or Job Costing, the NetSuite professionals at RSM are here to help. If you’d like a demo or a few questions answered, please send us an email at firstname.lastname@example.org or call us at 855.437.7202.
By: Tyler Cronk – Minnesota NetSuite Solution Provider