COURSE OVERVIEW:

The financial integrity of a capital project relies on the seamless integration of project management practices with rigorous accounting principles. This course provides a comprehensive framework for managing the financial lifecycle of a project, from initial budgeting to final asset capitalization. It focuses on the strategic importance of accurate cost tracking, revenue recognition, and financial reporting to ensure that project stakeholders have a transparent and reliable view of the project's fiscal health.

The scope of this training encompasses the technical application of "Project Cost Accounting," the management of "Work in Progress" (WIP), and the reconciliation of project expenditures with the corporate general ledger. Participants will learn how to distinguish between "Direct" and "Indirect" costs, manage "Accruals," and implement robust "Internal Controls" to prevent financial leakage. The course addresses the complexities of "Multi-Currency" projects and provides practical tools for managing "Project Contingency" and "Escalation" accounts.

Coverage includes the analysis of "Earned Value Management" (EVM) from an accounting perspective, the implementation of "Asset Depreciation" strategies, and the execution of "Financial Close-out" procedures. Attendees will explore the link between "Cash Flow" and "Profitability," learning how to forecast financial requirements and manage "Project Liquidity." By mastering project management accounting, professionals will be able to bridge the gap between the site and the finance department, ensuring total fiscal accountability.

COURSE OBJECTIVES:

After completion of this course, the participants will be able to:

• Design a "Project Chart of Accounts" (COA) aligned with corporate standards.
• Distinguish between "Capitalized" and "Expensed" project costs.
• Implement "Accrual Accounting" for accurate monthly project reporting.
• Manage "Work in Progress" (WIP) and "Revenue Recognition" milestones.
• Reconcile "Project Cost Reports" with the "General Ledger" (GL).
• Apply "Earned Value Management" (EVM) to financial forecasting.
• Oversee "Accounts Payable" and "Accounts Receivable" for project vendors.
• Manage "Foreign Exchange" (FX) risks in international projects.
• Implement "Internal Controls" to mitigate fraud and financial errors.
• Conduct "Project Financial Audits" and compliance reviews.
• Manage "Project Contingency" and "Management Reserve" allocations.
• Facilitate the "Asset Handover" and "Capitalization" process in the ERP.

TARGET AUDIENCE:

This course is intended for Project Accountants, Cost Controllers, Project Managers, Financial Analysts, and Budget Officers.

TRAINING COURSE METHODOLOGY:

A highly interactive combination of lectures, discussion sessions, and case studies will be employed to maximize the transfer of information, knowledge, and experience. The course will be intensive, practical, and highly interactive. The sessions will start by raising the most relevant questions and motivating everybody to find the right answers. The attendants will also be encouraged to raise more of their questions and to share in developing the right answers using their analysis and experience. There will also be some indoor experiential activities to enhance the learning experience. Course material will be provided in PowerPoint, with necessary animations, learning videos, and general discussions.

The course participants shall be evaluated before, during, and at the end of the course.

COURSE CERTIFICATE:

National Consultant Centre for Training LLC (NCC) will issue an Attendance Certificate to all participants completing a minimum of 80% of the total attendance time requirement.