Tasha's Top 10 New Features for D365 Project Operations: Feature 1

Progress Billing for Resource and Nonstock Scenarios in D365 Project Operations

Today, I am going to begin going through Tasha’s Top 10 New Features for D365 Project Operations. Starting off strong, I’m diving into one of the standout features for me from the 2024 Wave 2 updates in D365 Project Operations: Progress Billing for Resource and Nonstock Scenarios. This feature is a game-changer for project management and accounting, and I’m excited to share how it can benefit your projects.

What is Progress Billing?

Progress billing is an invoicing method where invoices are sent, and payments are made incrementally based on the percentage of work completed during a project. This approach ensures steady cash flow for service-centric organizations and reduces financial risk for clients. By aligning payments with project milestones, both parties can manage their finances more effectively.

Business Value of Progress Billing

The introduction of progress billing in D365 Project Operations allows users to maintain progress billing rules specifically for non-stock and resource-based scenarios in D365 Project Operations. This feature is particularly beneficial for projects that involve extensive resource allocation and non-stock items, providing a structured and predictable billing process.

Special Details

Applicability: Progress billing rules are available for project operations involving non-stock and resource-based scenarios.
Flexibility: Users can maintain the progress percentage for contracts, ensuring that billing aligns with the actual progress of the project.
Efficiency: Invoices can be created based on the progress completed, streamlining the billing process and improving cash flow management.

Using Progress Billing for Resource and Nonstock Scenarios

As all of these features are released to the general public, I will dig in deeper to each and provide more comprehensive information regarding the setup and functionality steps to ensure you are using the features to their full potential!

Here’s a quick guide to help you get started with progress billing in D365 Project Operations.

Navigate to: Project management and accounting > Projects > Project contracts.
Select: Open a project contract.
Add Billing Rule: On the Billing rules FastTab, select Add.
Set Line Type: In the Line type field, select Progress.
Enter Details: Fill in the Contract value, Category, and Project fields.

By following these steps, you can set up progress billing for your projects, ensuring that your billing process is aligned with the actual progress of your work.

Conclusion

Progress billing is a powerful feature that enhances financial management in project operations. By enabling incremental billing based on project progress, it provides a more accurate and fair billing process for both contractors and clients. If you have any questions or need further assistance, feel free to reach out, I do LOVE project accounting!

Stay tuned for the remaining 9 features in Tasha's Top 10 New Features for D365 Project Operations. Happy billing!