Dynamic item processor (DIP) is a tool that allows you to create sales order items automatically based on project data. Some of the features of DIP are: Sales prices are maintained in the DIP profile, which is a parameter that defines how sales order items are created and priced from project data. Sources can be based on line items, which means that you can use individual cost elements or revenue elements as sources for creating sales order items. Material determination is mandatory, which means that you have to assign a material number to each source in order to create sales order items. Reference: https://help.sap.com/doc/0f069b2e08b748f1b480d4c8b46c3c49/100/en-US/6a7a9f0a6e421014e10000000a174cb4.html

"The typical sequence for the following business transactions and documents is: Vendor selection - Purchase order handling - Purchase order monitoring - Goods receipt - Invoice receipt." Reference: 1

Settlement, progress analysis, and results analysis are some of the functions available for period end closing in SAP Project System. Settlement is used to allocate the costs and revenues in projects or the results analysis data to one or more receivers, such as cost centers, profitability segments, or assets. Progress analysis is used to determine and compare the planned and actual project progress values, based on the overall planned costs and the work done. Results analysis is used to perform a periodic valuation of the project, based on the costs and revenues expected or incurred in the project. Reference: https://help.sap.com/doc/0f069b2e08b748f1b480d4c8b46c3c49/100/en-US/6a7a9f0a6e421014e10000000a174cb4.html