Project Accounting Training Course

Duration 10 days 20 modules · 65 contact hours
Level Intermediate Certificate on completion
Who attends Project Accountants, Finance Managers and others
Fee from USD 2,200 KSh 190,000 for Kenyan organisations
Where 52 cities + online See dates by city
Next start 16 Nov 2026 Course code SD-A-131

Before you join: Participants should be comfortable reading an income statement, balance sheet and general ledger report, and should have basic experience with budgets, invoices, purchase orders or project plans.

Dates & prices

Two start dates a month in every city, and live online on weekdays or weekends. Fees are per participant; classroom fees include tuition, materials, lunch and refreshments, and the certificate.

Suggest a date or city

Showing the next six months. Later dates, other cities and private deliveries for your team are available on request.

Course overview

Project accounting turns project plans, contracts, time records, procurement commitments and delivery evidence into reliable financial information. Weak project accounting can produce late cost visibility, disputed customer invoices, inaccurate revenue recognition, uncontrolled scope costs and unpleasant surprises at project close. Finance teams and project managers need a shared approach to coding, budgeting, forecasting, reporting and control so that project decisions are based on current, traceable data.

This course develops the methods used to account for projects from bid approval through closeout. Participants establish work breakdown structures, cost breakdown structures and project codes; build cost baselines; capture direct and indirect costs; apply earned value management; prepare estimate-at-completion forecasts; recognise revenue under IFRS 15 and ASC 606; manage work in progress, billing and cash; and complete project close procedures. The programme also addresses capital projects, subcontractor costs, change orders, multi-currency reporting, internal controls and audit evidence.

Teaching combines short instructor briefings with worked accounting cases, spreadsheet-based analysis, group review of project reports, contract scenarios and reporting simulations. Participants progressively build a project accounting pack using a realistic project case, then refine it as new cost, schedule, revenue and risk information is introduced. They leave with reusable templates for project setup, cost control, revenue recognition, forecasting, reporting and closeout, plus a certificate of completion.

The course suits finance professionals supporting project-based work, project managers with budget responsibility, commercial staff, cost controllers and internal auditors. Cases can be adapted for construction, infrastructure, technology implementation, professional services, donor-funded programmes, manufacturing, energy and public-sector projects.

What you will be able to do

  • Build a project coding structure linking work packages, cost accounts and general ledger accounts
  • Prepare cost baselines, funding profiles and approved project budgets
  • Apply earned value management to calculate cost, schedule and performance variances
  • Produce estimate-at-completion forecasts using actual costs, commitments and remaining estimates
  • Apply IFRS 15 and ASC 606 principles to project revenue recognition decisions
  • Prepare work-in-progress, billing, receivables and project cash-flow analyses
  • Design project accounting controls, reconciliations and audit evidence requirements
  • Present a complete project accounting pack with forecasts, variances and corrective actions

Benefits of attending

For you

  • Produce credible project forecasts before cost overruns become unrecoverable
  • Explain revenue, work-in-progress and billing positions to finance and delivery stakeholders
  • Identify the financial effects of scope changes, delays and procurement commitments
  • Build audit-ready support for project costs, accruals and revenue entries
  • Strengthen readiness for project accountant, controller and finance business partner roles

For your organisation

  • Earlier identification of budget overruns and deteriorating project margins
  • More accurate revenue recognition, work-in-progress balances and period-end reporting
  • Stronger control over commitments, change orders, subcontractor costs and billing
  • Reduced audit findings through consistent reconciliations and documented accounting evidence
  • Better project portfolio decisions using comparable forecast and performance information

Course modules

20 modules over 10 days

Participants can explain the project accounting lifecycle, responsibilities and financial information requirements.

  • Project lifecycle gates and accounting events from bid through closeout
  • Distinguishing project, programme and portfolio costs within management reporting structures
  • Finance and project management accountabilities defined through a RACI matrix
  • Chart of accounts segments aligned with project reporting requirements
  • Cost objects, cost centres and work packages linked consistently
  • Project master-data controls for codes, dates, currencies and status

Participants can design a coding structure that supports cost control, billing and reporting.

  • Work breakdown structure decomposed into measurable control accounts
  • Cost breakdown structure mapped to labour, materials and subcontract categories
  • OBS and WBS relationships established for accountable budget ownership
  • Unique project codes assigned across procurement, payroll and general ledger records
  • Coding conventions documented for phases, locations, funding sources and deliverables
  • Data validation rules preventing postings to inactive or incorrect work packages

Participants can translate approved estimates into controlled project cost baselines and funding profiles.

  • Bottom-up estimates prepared from quantities, rates, productivity and assumptions
  • Basis of estimate records documenting exclusions, contingencies and source data
  • Direct labour costs calculated using standard, actual and burdened rates
  • Material estimates linked to bills of quantities and supplier quotations
  • Approved cost baseline time-phased against project milestones and resource plans
  • Management reserve separated from contingency within authorised project funding

Participants can classify, capture and allocate project costs using consistent accounting rules.

  • Direct costs traced to projects using time, invoices and consumption records
  • Indirect cost pools allocated using documented causal allocation bases
  • Labour timekeeping controls connecting approved hours to project cost accounts
  • Accruals estimated for received goods, services and unrecorded payroll
  • Committed costs monitored from purchase orders, contracts and subcontract agreements
  • Cost transfers reviewed for business purpose, approval and audit trail

Participants can establish budget controls and assess the financial impact of approved changes.

  • Original budget, current budget and forecast distinguished in reporting
  • Budget release controls linked to approved funding and project authorisation
  • Change control register connecting scope changes with revised cost baselines
  • Contingency drawdowns authorised against defined risk events and thresholds
  • Budget-versus-actual analysis separated by labour, materials and external services
  • Tolerance thresholds triggering escalation, corrective action and management review

Participants can calculate and interpret earned value measures for project cost and schedule performance.

  • Planned value derived from time-phased budgeted work schedules
  • Earned value measured using milestone, units-complete and weighted methods
  • Actual cost reconciled from approved accounting records and accruals
  • Cost variance and schedule variance calculated against authorised baselines
  • CPI and SPI interpreted with data quality and progress validation checks
  • Control account reporting identifies exceptions requiring management intervention

Participants can produce estimate-at-completion forecasts and explain projected margin movement.

  • Estimate to complete developed from remaining quantities, rates and risks
  • Estimate at completion calculated using bottom-up and performance-based methods
  • Actual costs, commitments and accruals reconciled before forecast updates
  • Forecast margin bridge explains changes from bid margin to completion
  • Risk-adjusted forecasts incorporate probability, impact and response cost assumptions
  • Rolling forecast calendar aligns project updates with financial reporting cycles

Participants can assess project contracts and determine appropriate revenue recognition treatment.

  • IFRS 15 five-step model applied to project contract arrangements
  • ASC 606 principles compared with IFRS 15 project accounting requirements
  • Performance obligations identified within bundled engineering, supply and service contracts
  • Transaction price assessed for variable consideration, claims and incentives
  • Standalone selling prices allocated across separate performance obligations
  • Over-time and point-in-time recognition assessed using contractual evidence

Participants can calculate work in progress and select defensible project progress measurement methods.

  • Cost-to-cost percentage completion calculated using eligible costs and estimates
  • Milestone completion evidence tested against contract acceptance criteria
  • Input methods excluded when costs fail to depict project progress
  • Contract assets and contract liabilities distinguished from trade receivables
  • Loss-making contracts identified through forecast cost and revenue assessments
  • Work-in-progress schedules reconciled to revenue, billing and general ledger balances

Participants can control billing, collections and project cash forecasting from contractual milestones.

  • Billing schedule derived from milestones, payment terms and acceptance conditions
  • Customer invoices checked against certified progress, rates and approved variations
  • Retention amounts tracked separately from current project receivables
  • Aging analysis prioritises overdue balances, disputes and collection actions
  • Project cash forecast combines receipts, payroll, suppliers and tax payments
  • Cash conversion risks escalated through project finance review meetings

Participants can determine which project costs qualify for capitalisation and manage asset handover.

  • IAS 16 recognition criteria applied to tangible project asset expenditure
  • IAS 38 criteria assessed for internally developed software and intangible assets
  • Capital and operating expenditure separated through documented decision rules
  • Borrowing costs assessed under IAS 23 qualifying asset requirements
  • Asset-in-progress balances reconciled to project costs and commissioning status
  • Capitalisation handover records establish asset registers, useful lives and ownership

Participants can account for supplier commitments, subcontractor progress claims and procurement exposures.

  • Purchase commitments compared against budget, forecast and approved scope
  • Three-way matching connects purchase orders, receipts and supplier invoices
  • Subcontractor progress claims verified against certified work and contract terms
  • Retention, advance payments and performance bonds tracked by supplier
  • Procurement accruals estimated from delivery evidence and unbilled supplier services
  • Make-or-buy decisions assessed using relevant cost and capacity information

Participants can account for project changes, claims and disputed amounts using documented judgement.

  • Variation register records instruction dates, value, status and approval authority
  • Approved change orders update contract value, budget and forecast assumptions
  • Unapproved claims assessed for probability, recoverability and revenue recognition
  • Delay costs separated between recoverable claims and project margin exposure
  • Dispute provisions assessed using IAS 37 recognition and measurement criteria
  • Commercial evidence retained for notices, correspondence, valuations and settlements

Participants can complete a controlled project period-end close with reconciled financial balances.

  • Project close calendar assigns cut-off dates, owners and review steps
  • Revenue, billing and contract balance reconciliations identify posting differences
  • Cost reports reconciled to general ledger, payroll and procurement subledgers
  • Accrual journals supported by calculations, approvals and reversal schedules
  • Foreign currency balances remeasured using IAS 21 closing rate requirements
  • Close review confirms forecast updates, exceptions and management sign-off

Participants can prepare decision-focused project financial reports for delivery and executive stakeholders.

  • Project dashboard presents budget, actual, commitment, forecast and margin measures
  • Variance commentary distinguishes root causes, impacts and corrective actions
  • Traffic-light thresholds calibrated to financial materiality and delivery risk
  • Monthly project report links financial performance with schedule and scope status
  • Portfolio summaries compare forecast movements across projects and business units
  • Executive reporting separates confirmed results from assumptions and emerging risks

Participants can design control activities and evidence trails for reliable project accounting.

  • COSO control activities applied to project authorisation, posting and review
  • Segregation of duties separates purchasing, approval, receipt and payment
  • Approval matrices define authority for budgets, changes and journal entries
  • Audit trail requirements cover source documents, calculations and reviewer evidence
  • Duplicate invoice and related-party risks identified through targeted data checks
  • Control deficiencies documented with owners, remediation dates and verification tests

Participants can specify project accounting data requirements and assess automated control opportunities.

  • ERP project modules integrated with procurement, payroll and general ledger
  • Master-data governance assigns ownership for codes, rates and reporting hierarchies
  • Interface reconciliations test completeness between project systems and finance records
  • Exception reports identify missing timesheets, inactive codes and unmatched commitments
  • Spreadsheet controls protect formulas, inputs, versions and approval records
  • Automation candidates selected using volume, error risk and control value

Participants can connect project financial risks to governance actions and recovery plans.

  • Financial risk register quantifies cost, revenue, cash and compliance exposures
  • Risk owners define triggers, response actions and forecast update responsibilities
  • Project review boards examine exceptions beyond approved tolerance thresholds
  • Recovery plans prioritise scope, cost, schedule and commercial corrective actions
  • Scenario analysis tests margin sensitivity to delays, inflation and claims outcomes
  • Lessons learned capture recurring estimating, coding and control failures

Participants can close project accounts, settle remaining obligations and evaluate financial performance.

  • Final cost review resolves open commitments, accruals and supplier disputes
  • Contract closeout confirms acceptance, final billing and retention release
  • Revenue true-up reconciles completed obligations with contract balances
  • Asset transfer documentation confirms commissioning, ownership and depreciation commencement
  • Post-project review compares approved business case with actual financial results
  • Lessons learned assigned to estimating standards, controls and future bids

Participants can build, review and present a complete project accounting pack covering setup, performance, forecasts, revenue, controls and closeout actions.

  • Project coding structure connects work packages, cost accounts and reporting dimensions
  • Approved baseline integrates budget, schedule, funding and contingency assumptions
  • Cost report reconciles actuals, commitments, accruals and forecast-to-complete estimates
  • Earned value analysis explains cost and schedule performance exceptions
  • Revenue schedule applies contract obligations, progress evidence and billing status
  • Control checklist documents approvals, reconciliations, evidence and unresolved risks
  • Management presentation recommends corrective actions, decisions and closeout priorities

Exercises and examples are adapted to each cohort's sectors and roles.

What you take back to work

  1. Project accounting setup template
  2. Time-phased cost baseline model
  3. Estimate-at-completion forecast workbook
  4. IFRS 15 revenue recognition assessment checklist
  5. Project period-end reconciliation pack
  6. Project financial dashboard template

Who should attend

  • Project Accountants — need reliable methods for cost capture, billing, revenue and closeout
  • Finance Managers — oversee project profitability, reporting quality and financial controls
  • Project Managers — require usable financial data for delivery and corrective decisions
  • Cost Controllers — monitor commitments, actual costs, forecasts and budget variances
  • Commercial Managers — manage contract values, variations, claims and customer billing
  • Internal Auditors — assess project controls, evidence trails and reporting accuracy

Skills and tools covered

Project cost controlRevenue recognitionEarned value analysisForecasting and budgetingProject financial reportingAccounting controls

Tools and standards

IFRS 15 Revenue from Contracts with Customers, ASC 606 Revenue from Contracts with Customers, Earned Value Management, COSO Internal Control Framework

How the course runs

Training methodology

The course uses short technical briefings followed by worked project cases, group analysis and spreadsheet-based reporting tasks. Participants interpret project budgets, contracts, time records, purchase commitments, invoices, progress data and forecast updates. Simulations require teams to respond to cost overruns, delayed milestones, disputed variations and billing gaps. Instructor feedback focuses on accounting judgement, calculation accuracy, control evidence and clear reporting. Each participant prepares an application plan for transferring selected templates and controls to their own project environment.

Requirements and prerequisites

Participants should be comfortable reading an income statement, balance sheet and general ledger report, and should have basic experience with budgets, invoices, purchase orders or project plans. Familiarity with spreadsheets is expected because participants work with cost, forecast and reporting models. Prior project accounting experience is helpful but not required. The course explains earned value, revenue recognition and work-in-progress methods from their practical foundations. No professional accounting qualification, specialist project management certification, enterprise resource planning system expertise or advanced financial modelling experience is required.

A typical training day

08:30 – 10:30First session
10:30 – 10:45Refreshment break
10:45 – 12:30Second session
12:30 – 13:30Lunch and networking
13:30 – 15:00Third session
15:00 – 15:15Refreshment break
15:15 – 16:30Workshop and daily review

Live online deliveries follow the same structure in East Africa Time, with shorter screen blocks and longer breaks.

What the fee includes

  • Instruction by a practitioner facilitator
  • Full course workbook and materials
  • Exercise files, templates and case studies
  • Refreshments and lunch on classroom deliveries
  • Certificate of completion
  • Post-course application plan

Frequently asked questions

You should be able to read basic financial statements and work with budgets, invoices or project plans. The course does not require a professional accounting qualification, prior earned value experience or specialist system knowledge.

Bring a laptop if attending in person, as several activities use spreadsheet-based project reports and models. You may also bring a non-confidential example of a project budget, report or contract clause to support your application planning.

It is designed for project accountants, finance managers, cost controllers, project managers, commercial managers and internal auditors. It is especially useful where work is delivered through contracts, programmes, capital projects or client-funded assignments.

General management accounting focuses on wider organisational costing and reporting, while project management focuses on planning and delivery disciplines. This course joins accounting methods with project structures, contracts, forecasts, billing, work in progress and closeout controls.

Participants can use the templates to improve project coding, budget control, forecast reviews, revenue schedules and period-end reconciliations. The application plan helps identify practical changes suitable for their reporting cycle and approval structure.

Each training day runs from 08:30 to 16:30 and provides about 6.5 contact hours. The first week establishes project structures, costing, budgeting, forecasting and revenue methods; the second week focuses on reporting, controls, systems, closeout and the capstone presentation.

Questions about this course?

Ask about dates, fees, group bookings or running it for your team. Our training team replies by email.

Ask on WhatsApp info@skillsetdevelopment.com

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