We are a professional services organization using Microsoft Project Server 2002 and the MS Project Professional client to manage our Project Portfolio. We are looking for a way to track revenues based on billable hours and have found to date no way of accomplishing this within MS Project. Cost tracking is extensive but there seems to be no sign of revenue tracking. Any advice would be greatly appreciated. Saving Changes...
Hi Henry, I use to do that using Ms project in the following way: 1) Plan the project using effort for every activity. 2) Set a cost for every resources that correspond to the selling rate for that resource. The total cost of your project must equal the expected revenue for the project. 3) Track effort spent (actual) and remaining effort for every activity rigourously and regularly. 4) Revenue recognition (in Canada - I mention this since accounting rule might be different from country to another) was performed as followed: a) calculate the % of work completed (Actual divided by Actual+Remaining work). b) multiply the % of work completed by the total $ amount of the contract (or total expected revenue). The key to a quality information is to have a rigorous count of actual time spend and remaining work. Hope this help. Saving Changes...
