Question

You are closing the accounts you used to bill the project costs, but you still have some lingering expenses. Which best practice should you follow?

Answer 1

Close all accounts except for the one related to the follow-up activities until the remanding expenses are complete.

Explanation: You never what to close out an account when the project has not been completed. If you still have remanding expenses the project is not complete.

Answer 2

Project management and managing finances are often seen as two separate things. On the face of it, this makes sense. After all, projects focus on the delivery of assets and accounting on recording and interpreting financial transactions.

But, these two aspects on their own only tell half the story. The success of any project relies on project management and billing working together.