Project Accounting – Overview of Oracle Projects

A project is temporary in that it has a defined beginning and end in time, and therefore defined scope and resources.

And a project is unique in that it is not a routine operation, but a specific set of operations designed to accomplish a singular goal.

Project management processes fall into five groups:

  • Initiating
  • Planning
  • Executing
  • Monitoring and Controlling
  • Closing

Oracle Projects consists of the following products:

  • Oracle Project Costing
  • Oracle Project Billing
  • Oracle Project Resource Management
  • Oracle Project Management
  • Oracle Project Collaboration
  • Oracle Daily Business Intelligence for Projects
  • Oracle Project Portfolio Analysis

The key features of Oracle Project Costing are:

  • Versatile template-driven project definition
  • Multiple currency financial plan and budget creation
  • Diverse accrual and expenditure capture
  • Robust expenditure control, collection, and adjustment functionality, integrated with other Oracle applications
  • Powerful burdening functionality
  • Rule-based general ledger account functionality
  • Comprehensive reporting functionality with drilldown capability
  • Capable asset creation and CIP cost collection

The key features of Oracle Project Billing are:

  • Robust contract project creation functionality, enabling distinction between project types, revenue accrual and invoice methods, billing cycles, and contacts
  • Flexible agreements in multiple currencies with either hard or soft limits
  • Budgeting for revenue in multiple currencies, separately from cost
  • Organization-level and project-specific billing rate schedules and overrides
  • Versatile billing retention and tax functionality
  • Flexible revenue accrual calculation
  • Optional capability to create invoices using invoice methods differently from the way revenue is accrued
  • Optional capability, using Date-Effective Funds Consumption, to have revenue and invoice generation use the same logic to determine what funding to consume
  • Optional capability to apply receipts to an agreement as advance amounts, and reduce the balance on the advance when expenditure or event transactions are invoiced
  • Several powerful invoice management features, including holds, currency selection, and review/approve/release functionality
  • Robust adjustment functionality, including billable status change, selective recalculation and write-off management
  • Reports for unbilled receivables and unearned revenue
  • Integration between Oracle Project Billing and other Oracle applications

The key features of Oracle Project Resource Management are:

  • Comprehensive, shared resource repository with Oracle HRMS
  • Shared schedules and availability
  • Concise requirements definition
  • Targeted searches
  • Automated approval processing
  • Self-service staffing functions grouped by role
  • Global resource deployment
  • Actual and scheduled utilization
  • Project financial forecasts
  • Capture time and expense
  • Integration with the Oracle Projects Foundation

Key features of Oracle Project Management are:

  • Integrated project planning and tracking
  • Issue and change management
  • Budget and forecast oversight
  • Real-time project performance management through visual status indicators for key performance areas and individual measures
  • Configurable project performance reporting packs periodically generated and distributed to recipients by e-mail
  • Robust project security and access
  • Intuitive and easily personalizable user interface
  • Integration with everyday Project Management tools

Key features of Oracle Project Collaboration are:

  • Access to structured workspaces such as the Team Member Home page
  • Collaborate toward issue and change resolution by sharing information and assigning actions to appropriate people
  • Documentation of progress against assigned work
  • Management of documents and deliverables
  • Secure and intuitive user interface

Key features of Oracle Daily Business Intelligence for Projects are:

  • Simple setup and out-of-the-box reporting
  • Project profitability reporting through portal pages
  • Reporting of key performance indicators across the business cycle
  • HTML-based reports that display summary and trend information, and provide drill-down to detail information
  • Data access secured by organization and operating unit
  • Cross-project reporting in different reporting dimensions
  • Reporting for multiple calendar types — enterprise, fiscal, and project
  • Display of information by year, quarter, month, and week periods
  • Comparison of current actual amounts to prior year, prior period, and budgets
  • Reporting by enterprise and functional currency

Key features of Oracle Project Portfolio Analysis include:

  • Creation and management of portfolios made up of projects
  • Comprehensive portfolio analysis tools
  • Periodic and ad hoc planning cycles
  • Dynamic project weighting and scoring based upon defined selection criteria
  • Ability to create multiple project assessment scenarios for individual portfolios
  • Full range of portfolio analysis reports, charts, and graphs
  • Robust project portfolio approval workflow

3 thoughts on “Project Accounting – Overview of Oracle Projects

  1. Hi, I am looking for assistance regarding Projects.I am trying assign projects to business user via mass administration but getting failed for specific user remain users working fine. We have custom program that run for showing error. The error was ( Update : Project “….”speicify key member is not an employee.).
    Note:I have assigned successfully via Key member forms for specific user.

    Your response in this regard is highly appreciated.

    Thank you



  2. Hi,
    please post some videos related to Oracle Project Accounting like costing and Billing.share any information related to setups


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