Managing complex projects requires clarity, flexibility, and timely data—and that’s exactly what the latest MYOB Acumatica 2024.2 release delivers. With a range of improvements to project billing, quoting, and WIP reporting, the Autumn release empowers project managers to work smarter, not harder. Whether you're tracking substantiated costs or issuing on-demand pro forma invoices, these updates will help you deliver successful projects with greater confidence and control. Here's what’s new in the Projects module.
Improvements to the Substantiated Billing Reports
In the construction sector, when contractors invoice their clients, clients often request verification of the costs. In such instances, contractors may need to provide accompanying documentation with the customer statement or invoice. MYOB Acumatica Construction Edition offers the Substantiated Billing (PM650000) and Substantiated Billing - Consolidated (PM650050) reports, which present a comprehensive breakdown and supporting documentation for costs incurred over a specified period. With the Acumatica ERP Construction Edition 2024.2, the substantiated billing reports have been enhanced. Users can now select and filter the cost transactions included in the generated report. The Substantiated Billing - Consolidated report can now incorporate line-level attachments in the prepared PDF with supporting documentation. The primary benefits of this feature include:
- Enhanced Transparency: Offering a detailed breakdown of project costs, including expenses and accounts payable (AP) bills linked to pro forma invoice lines.
- Improved Accuracy: Ensuring all billed amounts are precise and verifiable by linking project transactions to pro forma invoice lines and including supporting documentation.
- Timely Customer Payments: Promoting prompt payments by providing clear substantiation of billed amounts.
Improvements to the Linked Cost Transactions Side Panel
In the past, users could only link cost transactions originating from AP documents on the side panel of the Pro Forma Invoices (PM307000) form using the Linked Cost Transactions (PM307100) inquiry form. Now, users have the capability to link cost transactions from a variety of sources to the selected pro forma invoice or its lines.
To facilitate this enhanced functionality, several UI changes have been implemented in the Linked Cost Transactions inquiry form:
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A Source box has been introduced in the Selection area. Users can view all cost transactions by selecting All Sources in this box or filter the transactions displayed in the table by choosing a specific source, such as AP, AR, CA, DR, GL, IN, PM, or PR, which represents the functional area from which the cost transactions originate.
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An Orig. Source column has been added to both the table on the side panel and the table in the Add Transactions dialog box, which appears when the user clicks the + on the table toolbar. This column identifies the source of the cost transaction.
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In both the side panel table (as shown in the first screenshot) and the Add Transactions dialog box table (as shown in the second screenshot), the following columns have been renamed to align with the updated functionality:
- AP Doc. Type is now Orig. Doc. Type
- AP Doc. Nbr. is now Orig. Doc. Nbr.
- AP Doc. Line Nbr. is now Orig. Doc. Line Nbr.
Image: The table on the side panel.
Image: The Add Transactions dialog box.
Substantiated Billing Report
On the Substantiated Billing (PM650000) report form, the following report parameters have been introduced:
- Select Transactions By: This option determines how the system selects cost transactions for inclusion in the report. Users can choose from the following:
- Date Range (default): The report will display all cost transactions posted to expense-type account groups within the specified date range and associated with the selected project. If this option is chosen, the Start Date and End Date parameters are required.
- Pro Forma Invoice: The report will display all cost transactions posted to expense-type account groups and linked to the selected pro forma invoice of the chosen project. Selecting this option requires the Pro Forma Invoice Nbr. parameter.
- Pro Forma Invoice and Date Range: The report will display all cost transactions posted to expense-type account groups within the specified date range and linked to the selected pro forma invoice of the chosen project. This option requires the Start Date, End Date, and Pro Forma Invoice Nbr. parameters.
- Pro Forma Invoice Nbr.: This is the reference number of the pro forma invoice for which the report will be prepared. Users can select only an open or closed pro forma invoice for the project currently selected in the Project box.
- Include Non-Billable Transactions: A checkbox that, when selected, includes non-billable cost transactions in the report. If unchecked, the report includes only billable cost transactions, meaning those with the Billable checkbox selected on the Project Transactions (PM304000) form.
Image: New parameters of the Substantiated Billing report.
Image: The Cost transactions report.
The layout of the printable report has also been revised and improved. The screenshot shows the report prepared for the project for the particular date range and pro forma invoice. The report includes a list of cost transactions linked to the pro forma invoice.
Substantiated Billing - Consolidated Report
On the Substantiated Billing - Consolidated (PM650050) report form, the Get File button has been updated to Download Report. Additionally, the following parameters have been introduced:
- Select Transactions By: This option determines how the system selects cost transactions for the report:
- Date Range (default): The PDF report will include all cost transactions posted to Expense-type account groups within the specified date range and associated with the selected project. If chosen, the Start Date and End Date parameters are required.
- Pro Forma Invoice: The PDF report will include all cost transactions posted to Expense-type account groups and linked to the selected pro forma invoice of the chosen project. Selecting this option requires the Pro Forma Invoice Nbr. parameter.
- Pro Forma Invoice and Date Range: The PDF report will include all cost transactions posted to Expense-type account groups within the specified date range and linked to the selected pro forma invoice of the chosen project. This option requires the Start Date, End Date, and Pro Forma Invoice Nbr. parameters.
- Pro Forma Invoice Nbr.: This is the reference number for the pro forma invoice for which the PDF report is prepared. Users can select only open or closed pro forma invoices for the project currently selected in the Project box.
- Include Non-Billable Transactions: A checkbox that, when selected, includes non-billable cost transactions in the PDF report. If unchecked, the report includes only billable cost transactions—those with the Billable checkbox selected on the Project Transactions (PM304000) form.
- Copy Line Attachments to Report: A checkbox that, when selected, includes line-level attachments of documents originating from the AP, PM, GL, or CA source in the prepared PDF report, along with document-level attachments. If unchecked, the report includes only document-level attachments.
Image: Substantiated Billing - Consolidated report.
The layout of the PDF report has also been revised and improved. The following screenshot shows the prepared PDF when it includes line-level attachments:
Image: Line-level attachments in the prepared PDF report.
Understanding Feature Use in MYOB Acumatica: Autumn Release 2024.2
The substantiated billing feature is designed to provide detailed support for billed amounts in cost-plus projects. This feature allows users to link expenses and accounts payable (AP) bills to project pro formas, ensuring that customers can see the costs they are being billed for. This is particularly useful for projects where customers need to verify the accuracy of the billed amounts.
Direct Creation of Pro Forma Invoices
In earlier versions of MYOB Acumatica, pro forma invoices for projects were generated as part of the project billing process. Manual creation of pro forma invoices was only possible if migration mode was enabled for projects. With the release of MYOB Acumatica 2024.2, users can now directly generate pro forma invoices on the Pro Forma Invoices (PM307000) form, irrespective of the migration mode status. This allows users to enter and modify pro forma invoices independently of the set billing schedule and easily document unplanned ad hoc expenses not initially covered by the project budget.
The main advantages of this feature include:
- Flexibility and Independence: Users can input and modify pro forma invoices without depending on existing project transactions or the project's percentage completion.
- Efficiency in Billing: Users can independently create and modify invoices, making the billing process more efficient.
- Enhanced Customer Communication: Users can draft invoices for customer review and feedback, enhancing communication and collaboration.
- Timely Payments: The feature facilitates timely payments by providing detailed and precise pro forma invoices.
Manual Creation of a Pro Forma Invoice
On the form toolbar of the Pro Forma Invoices (PM307000) form, users can now click Add New Record to create a pro forma invoice. After selecting the project related to the pro forma invoice, the user adds the lines to the pro forma invoice.
Image: Progress billing line manually added to the pro forma invoice.
To add a progress billing line, on the Progress Billing tab, the user clicks Add Row and specifies the line settings.
Note: Users can manually add progress billing lines to the pro forma invoices that have been generated by the billing procedure as well.
When the user enters the project budget key details, the system searches for a matching line in the revenue project budget. If a match is found, it automatically loads the default values from that line. If no match is found, the system assigns default values to the pro forma invoice line based on the chosen project task and adds a new line with the project budget key to the revenue budget.
Image: Progress billing lines loaded automatically.
To automatically load all relevant lines, the user selects Load Lines on the table toolbar within the Progress Billing tab. The system then retrieves lines from the project's revenue budget. This occurs when an active or completed project task of the Revenue Task or Cost and Revenue Task type is identified, and the task's billing rule incorporates the progress billing step. If a line with the same project budget key is already present in the pro forma invoice, the system will not duplicate it.
Image: List of unbilled project transactions.
To add lines with unbilled project transactions, the user clicks the Upload Unbilled Transactions button on the Time and Material tab and selects the lines in the dialog box.
Image: Time and material lines added to the pro forma invoice.
After the user clicks Upload & Close, the system adds the corresponding lines to the pro forma invoice. Alternatively, the user can click Add Row and manually add a new time and material line that is not related to any project transaction.
Users can also upload pro forma invoice lines (both progress and time and material ones) from an Excel file or configure an import scenario to mass-import pro forma invoices.
Image: Pro forma invoice created manually for the project.
After saving the pro forma invoice, the system displays it on the Invoices tab of the Projects (PM301000) form for the project.
Image: Budget values updated by the manually entered pro forma invoice.
The Draft Invoice Amount and Draft Invoice Quantity columns within the Revenue Budget tab reflect the respective amounts and quantities derived from the pro forma invoice lines. The handling of manually created pro forma invoices mirrors that of those generated through the billing procedure. The following processes are fully accommodated for manual pro forma invoices:
- Creation of AR documents upon the release of the pro forma invoice.
- Adjustment of pro forma invoices.
- Management of retainage in AP and AR documents. Line-by-line payment processing.
- Validation for the sequential release of project invoices.
Understanding Feature Use in MYOB Acumatica: Autumn Release 2024.2
A user can now enter and adjust Pro Forma invoices independently of the billing schedule and add unplanned expenses to expedite customer invoicing for quicker payment and improved cash flow.
Watch the video below to learn more about Direct Creation of Pro Forma Invoices
Improvements to the WIP Reports
In the construction sector, companies employing the percentage-of-completion method for revenue recognition include a work-in-progress (WIP) schedule with their financial statements. This WIP schedule is a comprehensive report used in project management to monitor the progress and financial status of ongoing projects. It provides an overview of all active projects and delivers insights into their financial performance, detailing costs incurred, revenue generated, and the percentage of completion. MYOB Acumatica 2024.2 has enhanced the WIP reports within the system, offering improved capabilities for monitoring the current progress of a project and the financial performance of specific project tasks. The following sections outline the updates made to the Project WIP (PM651500) report and Project WIP Detail (PM651500) report.
Changes to Report Contents
The following columns have been renamed in the Project WIP (PM651500) and Project WIP Detail (PM651500) reports:
|
Previous Name |
Updated Name |
|
Recognised Revenue |
Earned Revenue |
|
% Completed |
% Complete |
|
Budgeted CO (in the Commitments section) |
Approved CO |
The following report columns have been added:
- The Pending CO column in the Commitments section: This column shows the total amount of change orders with the On Hold and Pending Approval statuses.
- The Gross Profit % column: The system calculates Gross Profit % as Gross Profit ÷ Earned Revenue and Gross Profit % Total as Gross Profit Total ÷ Earned Revenue Total.
The following improvements have been made to the report calculation logic:
- If the shifted calendar is used in the selected company or branch, the system now uses the master calendar for the following report parameters:
- From Period
- To Period
- Actuals to Period
- All change order–related columns are now calculated based on the Actuals to Period report parameter.
- The Remaining Contract column is now calculated based on the project transactions that originate from AR.
Additionally, the printed report layout has been improved with the addition of the following sections:
- Actual from [Period 1] to [Period 2] with the following columns:
- Period Costs
- % Budget Used
- Period Billings
Period 1 and Period 2 in the section title correspond to the financial periods that the From Period and To Period report parameters specify, respectively.
- Actual to Period [Period 3] with the following columns:
- Costs To Period
- % Complete
- Earned Revenue
- Billings To Period
- Billings in Excess of Cost
- Cost in Excess of Billings
- Gross Profit
- Gross Profit %
Period 3 in the section title is the financial period that is specified in the Actuals to Period report parameters.
Changes to the Report Parameters
On the Project WIP (PM651500) report form, the Company/Branch box is now empty by default. If the Company/Branch parameter is empty, the report now includes projects with the Branch box empty on the Summary tab of the Projects (PM301000) form.
On the Project WIP Detail (PM652500) report form, the options in the Level of Details box have been changed as follows:
- The Account Group and Account Group + Cost Code options have been removed.
- The Project Task and Project Task and Cost Code options have been added.
Enhanced Workflow for Project Quotes
A project quote in MYOB Acumatica serves as a tool to estimate the potential revenue and costs associated with a project. This quote is presented to the customer for evaluation and can be revised as needed until a mutual agreement is achieved. Once the customer consents to the terms, the system transitions the project quote into an active project. If an agreement isn't reached or the quote fails to gain internal approval, it is subsequently rejected. Previously, MYOB Acumatica lacked the capability to differentiate between quotes rejected internally and those declined by customers. With the introduction of MYOB Acumatica 2024.2, the project quote workflow now features additional statuses and commands, enabling users to monitor the acceptance status of project quotes by customers.
The primary advantages of this feature include:
- Enhanced Lifecycle Management: The new statuses and commands provide users with improved control over the progression of a project quote from inception to completion.
- Advanced Metrics and Tracking: Implementing project statuses with related comments enhances metrics and workflow management, allowing for more precise tracking of project quote progress and status.
- Optimised Communication: The system's ability to directly mark quotes as accepted or declined by customers improves communication and ensures all stakeholders are informed of the current status of a project quote.
New Workflow Statuses and Commands
Image: New commands on the More menu.
To give users the ability to reflect customer acceptance or rejection of the quote, the following commands have been added to the More menu on the Project Quotes (PM304500) form:
- Mark as Accepted
- Mark as Declined
Image: A project quote that has been accepted by the customer.
The following new statuses have been introduced for project quotes:
- Accepted by Customer: The system assigns the status to a project quote when a user clicks Mark as Accepted on the More menu.
Image: A project quote that has been declined by the customer.
- Declined by Customer: The system assigns the status to a project quote when the user clicks Mark as Declined on the More menu.
In addition, the Prepared status of the project quote has been renamed to Approved. If no approval workflow has been configured for project quotes, this status indicates that the project quote has been submitted and can now be sent to the customer or converted to a project. If an approval workflow has been configured for project quotes, the internal approval and rejection of the document is indicated by the following statuses:
- Approved: This status is assigned by the system to a project quote when the approver clicks Approve on the form toolbar.
- Rejected: This status is assigned by the system to a project quote when the approver clicks Reject on the form toolbar.
Other UI Changes on the Project Quotes Form
Also on the Project Quotes (PM304500) form, the Email command has been renamed to Send.
The Override Contact and Address check box has been removed from the Finance tab. Instead, the Override Contact and Override Bill-To Address check boxes have been added to the respective sections on the Addresses tab.
Understanding Feature Use in MYOB Acumatica: Autumn Release 2024.2
As a project user these enhancements help improve lifecycle management, workflow efficiency, and communication in the project quoting process. Ensuring that users can more accurately track the progress and status of project quotes and easily distinguish between quotes that were rejected internally and those rejected by customers.
With improved quoting, WIP reporting, and substantiated billing, this release makes managing projects more predictable and profitable. It’s time to spend less time chasing data and more time delivering exceptional outcomes.
Ready to take project management to the next level? Let’s chat about how the new release can help your team gain more control and clarity.
