Project Accounting

Beginning with project, vendor and contract definition, through progress tracking and change order processing, and finally, vendor payment generation, Aempower Project delivers a comprehensive, scalable solution to your capital project requirements.

Features

  • Project Definition:
  • Establishes Project
    • Defines an individual project in terms of: duration, scope, goals, estimated costs, funding sources
    • Links project to a budget
  • Defines Contact
    • Establishes new contracts and associates them with specific projects, vendors
    • Alows contract to span multiple projects, years, organizational units
    • Supports bonding/insurance requirements and wage certification maintenance
    • Supports change order processing to modify contract terms
  • Establishes Vendor
    • Allows entry of new vendors that are updated to the ERP’s official vendor database
    • Maintains vendor data and offers an advanced vendor search tool
    • Supports vendor certification process by checking vendor compliance and license classification
  • Project Definition:
  • Monitors Budget
    • Enforces budgetary constraints, preventing over spending
    • Tracks actual-to-budget cost variances
    • Supports multi-year budgeting
  • Tracks Progress
    • Tracks project activity at multiple levels – FY or ITD, fund, budget account
    • Tracks project expenditures and revenue
    • Tracks progress by establishing financial milestones and recording actuals in relation to them
    • Records and tracks construction/development schedules against financial milestones
    • Produces project, contract and vendor summary reports/inquiries with full history
    • Includes project management extras such as: providing a project event log to record key events; capturing project manager narrative text
  • Generates Payments
    • Issues payment voucher transactions to pay contractors/vendors
    • Support retainage requirements by automatically withholding a portion of payment
  • Supports Change Order Processing
    • Online form records change order terms
    • Enables approvals for requested change orders
    • Online inquiry displays original contract amounts and additional change orders, providing a complete financial picture of the project