Guild of Project Controls: Compendium | Roles | Assessment | Certifications | Membership

Tips on using this forum..

(1) Explain your problem, don't simply post "This isn't working". What were you doing when you faced the problem? What have you tried to resolve - did you look for a solution using "Search" ? Has it happened just once or several times?

(2) It's also good to get feedback when a solution is found, return to the original post to explain how it was resolved so that more people can also use the results.

P6 - For Financial Monitoring

10 replies [Last post]
Suhaila Tsu
User offline. Last seen 1 week 4 days ago. Offline
Joined: 6 Jun 2011
Posts: 21

Dear Experts

I am not sure if this is the correct forum topic that i chose to ask this question. but i hope somebody can understand and could answer my question.

 

 MY QUESTION: 

Can we use p6 for other than project scheduling?  For eg. for financial monitoring. For company's financial cash flow etc? Or maybe for procurement? Or maybe for project claim monitoring?

Please anybody , if u have done it or if u have any idea how to do it.

Your reply , your idea, your opinion is so much appreciated. God bless u!

 

 

 

Replies

Rodel Marasigan
User offline. Last seen 7 hours 49 min ago. Offline
Joined: 25 Oct 2006
Posts: 1639

No comment. It seems that you don't have any idea of what you are talking about. Good luck

Zoltan Palffy
User offline. Last seen 6 hours 16 min ago. Offline
Joined: 13 Jul 2009
Posts: 2990
Groups: None

Rodel,

For example, procurement.

1) How to raised purchase order in P6?

add activity create PO

2) How to get an approval process on Purchase Order?

add activity approve PO

3) How can you use P6 for each line item of purchase order?

just add the activity

4) How to use P6 to receive goods partially and full procured items?

done all the time relationship is a SS with various lags 

i.e. duration is 100 days before you get the last shipment

1st shipment is SS 25 days lag

2nd shipment is SS 50 day lag

3rd shipment is SS 75 day lag

4th shipmnet is FS 0 day lag

 

5) How to run inventory and reconciliation on all items being procured?

its either on site or not

 

6) How to use P6 in committed cost that has been raised a purchase order?

add it as a material resource

 

7) How can you use P6 to get accruals on Cost to date?

done all the time use store period perfomance after each update

8)...etc... etc...

P6 is not the same as Prism, Cobra, Pronto Xi, MYOB, Workbench, CMS...and other costing and financial tool so I'm not sure where you get the idea that P6 is capable of doing any of those financial software function or (ERP) Enterprise Resource Planning.

not saying that it is the same but it can be done

Rodel Marasigan
User offline. Last seen 7 hours 49 min ago. Offline
Joined: 25 Oct 2006
Posts: 1639

Zoltan,

For example, procurement.

1) How to raised purchase order in P6?

2) How to get an approval process on Purchase Order?

3) How can you use P6 for each line item of purchase order?

4) How to use P6 to receive goods partially and full procured items?

5) How to run inventory and reconciliation on all items being procured?

6) How to use P6 in committed cost that has been raised a purchase order?

7) How can you use P6 to get accruals on Cost to date?

8)...etc... etc...

P6 is not the same as Prism, Cobra, Pronto Xi, MYOB, Workbench, CMS...and other costing and financial tool so I'm not sure where you get the idea that P6 is capable of doing any of those financial software function or (ERP) Enterprise Resource Planning.

Zoltan Palffy
User offline. Last seen 6 hours 16 min ago. Offline
Joined: 13 Jul 2009
Posts: 2990
Groups: None

Rodel 

He specifically asked about financial cash flow etc? Or maybe for procurement? Or maybe for project claim monitoring?

it can certainly do that 

It is not the tool do some of the other things that you mentioned. 

I was specifically answering the items that he pointed out 

Rodel Marasigan
User offline. Last seen 7 hours 49 min ago. Offline
Joined: 25 Oct 2006
Posts: 1639

Zoltan,

Are you sure that P6 can be use as financial tool? I am familiar with P6 database and there is no function for good receiving, raising purchase order, cost accrual, cost committed, managing cost, GST and other financial function. I know P6 can be used to forecast cost and cash flow using the EVM and managing contract using cost data and progress but not the full capability of financial functions.

Zoltan Palffy
User offline. Last seen 6 hours 16 min ago. Offline
Joined: 13 Jul 2009
Posts: 2990
Groups: None

AKhtar

I dont see whay you say that P6 is not a financial tool.

He wants to financial monitor the company's financial cash flow etc this can be done in P6. You can also use P6 fro billing and payment requests

Akhtar Khan
User offline. Last seen 1 week 5 days ago. Offline
Joined: 22 Jan 2008
Posts: 9

P6 is not a financial tool. 

Rafael Davila
User is online Online
Joined: 1 Mar 2004
Posts: 5073

Zoltan Palffy
User offline. Last seen 6 hours 16 min ago. Offline
Joined: 13 Jul 2009
Posts: 2990
Groups: None

yes the only thing in the world that is dynamic and moves with time is a schedule.

You can not get this from a spreadsheet.

You can have a couple different activities and cost load them to get a cash flow curve

you can build a procurement only schedule if you wish. 

claims you would need a fullblown cpm schedule.

Rodel Marasigan
User offline. Last seen 7 hours 49 min ago. Offline
Joined: 25 Oct 2006
Posts: 1639

If you are looking for a comprehensive accounting software function the answer is "NO". Although P6 are used for financial forecasting and managing contract, progress claim base on schedule data and cost loading, P6 does not have function dealing with Purchase Order, good receiving, paying contractor, cost committed, cost accruals, debit, credit, etc... and other accounting software does. You can tailor P6 using users define field to mimic other financial software capabilities, but it will be manual process and not automatic compared to the accounting software.