Configuration of Project Material Management: Configuration Prerequisites

Before you start implementing project material management, you should be sure that the needed features have been enabled, settings have been specified, and entities have been created, as described in the following sections.

Enabling the Needed Feature

On the Enable/Disable Features (CS100000) form, the Material Management feature must be enabled. You can enable this feature only if the Inventory feature is enabled.

Configuring the System

You need to make sure the following tasks have been performed in MYOB Acumatica before you begin to implement project material management:

• The Modern UI must be in use for the functionality to become available.
• The minimum company settings have been specified, as described in Company Without Branches: General Information.
• The project accounting functionality has been configured, as described in Basic Project Configuration: General Information.
• On the Chart of Accounts (GL202500) form, the general ledger accounts used for project accounting have been created.
  Important:

  • We recommend that you not map the Inventory account (which is an account of the Asset type) to an account group of the Expense type. If you need to track stock items purchased for the project in the project cost budget, we recommend that you use the commitment tracking functionality, described in Committed Costs: General Information.
  • Do not map the inventory accrual account to an account group; according to the matching principle of generally accepted accounting principles (GAAP), the revenue-related expenses have to be recorded to the same financial period as the revenue is. You should track these long-term purchases as project commitments rather than as actual expenses. Project stock that has been purchased for a project is recorded as an asset until you issue it from inventory because this stock has to be used for projects.