SYSPRO Projects and Contracts facilitates accurate profit reporting for long-term projects which require analysis of costs and revenues for multiple sections and levels.
Purchase orders, job activity, sales orders and invoicing for jobs attached to a project update the contract or project in real time.
Query screens and reports show up-to-date actual and committed costs, realized and projected profit at any level of the job hierarchy.
The Projects and Contracts system caters for progress billings, deposits and retentions. You can define schedules against which progress billings must take place and the method of billings.
For deposits, you can record the deposit when accepting the contract and when you bill the customer you can indicate what portion of the billing value should be deducted from the deposit amount.
For retentions, you specify the required retention amount as well as the retention period when creating the contract. Once the retention period is reached, you can invoice the customer and offset the retention value against the billing being made.
The benefits of Projects and Contracts
- Real-time actual and committed costs, as well as realized and projected profits
- Analyze at project job or contract level
- Deposits, retentions and billing schedules
- Recall of standard costing hierarchies for similar items for reduced processing time
- Revenue recognition through sales orders, based on the defined costing hierarchy
- Calculation of profits taken and projected
- Profitable areas highlighted
- Comprehensive reporting for jobs and contracts