Our lecturers and workshop leaders are flesh-and-bone project managers and coordinators, whose day-to-day work is to make sure that their multiple projects are implemented according to EC Grant Agreement, problems are promptly tackled, and project partners adequately assisted in legal, technical and financial management issues.Over the years we have helped almost 1,000 project managers and coordinators in understanding the legal, tehcnical and financial rules of the Research Framework Programme and managing European projects.The day will start with an extended presentation covering from A to Z all of the issues of FP7 & Horizon 2020 financial issues.After this, you will go through a practical workshop to simulate financial reporting: together with your group mates, you will fill in an actual financial statement for an FP7/H2020 project using custom-made documentation including timesheets, salary slips and invoices.After introducing the possible solutions of the workshop, the day will close with conclusions and recommendations with respect to EC financial audits.