DESIGN AND IMPLEMENTATION OF ONLINE TRACKING PROJECT MANAGEMENT SOLUTION (A CASE STUDY OF SERAPHEADQUATERS, LAGOS)
Background of the study
Project Tracking is essentially a job-costing system designed for businesses who want to analyze their costs, revenues, or both, for a job or a project. Because of Project Tracking’s unique design, any key business indicator you wish to analyze separately from your general ledger can be considered a project.
Project Tracking can be used for more than simply reporting the overall costs and revenues of each job or project. Project Tracking can give you specific information about revenue and costs across a wide range of projects. A housing developer may want to see not only the profitability of each house, but also how much is being spent on specific expenses, such as paint or concrete, for all houses or, for all houses within a specific development. You can easily accomplish this type of reporting using a combination of breakdown codes and transaction user-defined fields. For example, the housing developer would define a transaction user-defined fields as “DEVELOPMENT” with values such as Manhattan, Bronx, etc. and would define breakdown codes called “PAINT” and “CONCRETE”. When transactions are entered in the system, the transaction will be tagged with a development code (for example, Manhattan) and one of the breakdown codes (for example, PAINT).
A unique feature of Project Tracking is the ability to keep information across fiscal years. For example, a mortgage broker opened escrow on a property in December but the escrow closed in January of the following year and the broker’s fiscal year ends on December 31. Since Project Tracking is not tied to any fiscal or calendar year, the mortgage broker can close the project or the general ledger at any point in time. And yet, reporting can be specified to an exact time frame by general ledger posting date or document date range to create weekly, monthly or quarterly reports. Many other reports and configurations are possible. The level of detail you will be able to obtain from Project Tracking reports depends on how you set up your user-defined fields and breakdown codes. Not all Project Tracking user-defined fields are equal. There are seven transaction-level