Code of account vs control account

 Hello everyone,

I have a question that tricks me for the moment,i know you can help me understand better: what are in fact code of accounts and control account? I know they are related to WBS one of them (control account) is meant to help identify the work packages and to help accounting dept pay the work accomplished. Can you help me with an wbs photo example or other material?

Thanks a lot.

Dear Hombre,

A code of account applies a unique identifier (number) to the WBS packages so they can easily be tracked. It can link them to the organizational accounting systems/financials etc.

A control account, on the other hand, is a level above planning package (work package)..to be used for three purposes:

1. To aggregate the cost estimates of work packages for easeness of total aggregation effort;

2. To manage the overall project work efficiently with full control (Thats why these are also known as Management Control Points);

3. When work cannot be fully scoped out..serves as a placeholder (think: rolling wave planning).

 

Guys correct me if i am incorrect...

 

Rgds;

Umer

A code of account applies a unique identifier (number) to the WBS packages so they can be easily tracked. It can link them to accounting systems/financials etc.

A planning package is just above work package level, and a control account is a level above planning package..to be used when work cannot be fully scoped out..serves as a placeholder (think: rolling wave planning).  

When I need any advice, I always consult my accountant, if you still are in doubt, talk to Kevin Beck via http://www.pacificaccounting.com.au/. He will definetely guides you right. 

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