What is project accounting in SAP PSM - Public Sector Management?

SAP Term: project accounting

• Component: PSM

• Component Name: Public Sector Management

• Description: Project accounting is used to simulate, record, track, control, and report on activities impacting on specific projects of a governmental entity. Due to the integration with assets and potential billing to third parties, project accounting is usually performed in a manner similar to the full accrual basis of accounting.

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• Key Concepts: 
  Project accounting is a component of SAP Public Sector Management (PSM) that enables organizations to manage their projects and associated costs. It provides a comprehensive set of tools to track and analyze project costs, revenues, and profits. It also allows for the integration of project-related data with other SAP modules, such as Financial Accounting (FI) and Controlling (CO). 
  
  How to use it: 
  Project accounting in SAP PSM can be used to create and manage projects, assign resources to projects, track project costs, and analyze project performance. It also allows users to generate reports on project costs, revenues, and profits. Additionally, it can be used to integrate project-related data with other SAP modules, such as FI and CO. 
  
  Tips & Tricks: 
  When using project accounting in SAP PSM, it is important to ensure that all project-related data is accurately entered into the system. This will ensure that the reports generated are accurate and up-to-date. Additionally, it is important to regularly review the reports generated by the system in order to identify any potential issues or discrepancies. 
  
  Related Information: 
  For more information on project accounting in SAP PSM, please refer to the official SAP documentation at https://help.sap.com/viewer/product/PSM/2020/en-US. Additionally, there are a number of online resources available that provide tutorials and tips on how to use project accounting in SAP PSM.