Advanced Project Budgets Enhancements
The Advanced Project Budgets feature now enables you to track costs and revenue and lets you define a fully customizable work breakdown structure within each budget. Advanced Project Budgets feature offers a better understanding of how to consume project budgets within individual projects and across projects. With Advanced Project Budgets, you can now:
- Generate budget vs. actual reports across multiple projects.
- Estimate costs based on items.
- Estimate costs based on project resources.
- Display actual costs which the work breakdown structure or budget does not include.
- Generate a budget cost burn chart.
- Display a progress bar for the forecasted margin in relation to the current budget.
- Display the total amounts of the budget in the total row.
- Edit a new version of the budget. NetSuite 2020.1 brings the following report updates:
- Budget by Activity Codes – You can now use activity codes instead of item sets. NetSuite
automatically creates reports which define the activity code dimension for cross-customer and cross-
project reporting. The following Budget vs. Actual reports are new for 2020.1:
- Budget vs. Actual by Activity Codes
- Budget vs. Actual by Activity Codes Detail
- Budget vs. Actual by Activity Codes by Month
- Budget vs. Actual by Activity Codes by Month Detail.
- Budget by Budget Lines – NetSuite automatically creates reports that define the work breakdown structure dimension for project reporting. The following reports are new for 2020.1:
Change
- Budget vs. Actual by Budget Line
- Budget vs. Actual by Budget Line Detail
- Budget vs. Actual by Budget Line by Month
- Budget vs. Actual by Budget Line by Month Detail.
- Budget by Items – NetSuite does not create the Budget by Items report for new customers of advanced project budgeting. The existing reports are maintained as they are. You can create the item report manually. For more information, see the help topic Advanced Project Budgeting. See also Activity Codes.
Advanced Project Profitability Enhancements
NetSuite 2020.1 includes enhancements to the Advanced Project Profitability feature. If you have the
Administrator role, you can now select whether to recalculate financial data once or periodically. Go to
Setup > Accounting > Project Profitability > Performance to set preferences for cache, recalculation, and pre-filter of financial data. The following additional enhancements include:
- Recalculate Financial Data – You can now initiate a recalculation of financial data and select the Recalculate Financial Data in the Actions menu on project, work breakdown structure, and budget records.
- Display Approved Time as Actual – You can now select an approved time as an actual cost without posting the time. You can also display tracked and approved time as an actual cost on the P&L subtab. The estimate at completion and an estimate to complete calculations are more accurate.
- Inclusion of Forecast and Actual Charges – You can now include forecast and actual charges in project profitability configurations. All forecast and actual charges appear as committed revenue. If you invoice an actual charge, the system ignores the charge. If you use a project charge on a sales order, the calculation of the remaining billable amount follows the charges and not the unbilled quantity on the sales order. Previously, there was a risk of errors when one sales order line calculation referred to multiple projects. In NetSuite 2020.1, you can see the impact on revenue from billable time, forecasted milestone and fixed date billings on a project. For more information, see the help topic Advanced Project Profitability.
Project Revenue Recognition Enhancements
In NetSuite 2020.1, a new warning appears to indicate incorrect combinations of charge-based billing and project revenue recognition rules.
For accounts using project percent complete revenue rules, a temporary preference is available on the
Accounting Preferences page. You can choose to recognize revenue for percent complete rules the event submission date or the event source date. For more information, see the help topic Project Revenue Recognition. See also Revenue Recognition Rules.