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Overview
The Post Earned Revenue (Revenue Recognition) utility is used to recognize Unbilled Revenue and WIP on the General Ledger.
Key Concepts
| • | When the utility is run, an entry is made to the General Journal posting revenue against Unbilled Revenue and WIP accounts. More on the General Journal |
| • | The entry is recorded to the appropriate WBS level and Expense Code, if any. These entries are marked as coming from revenue recognition. More on Expense Codes |
| • | This utility can be run at any interval (daily, monthly, hourly). |
| • | There is an option in Global Settings to delete all revenue recognition entries in the current period prior to posting. This is useful if a user wants to post revenue on a daily basis but does not want a cluttered ledger. This is located at Global Settings>Revenue Recognition by selecting "Post Single Journal Entry Per Period" |
| • | A user can exclude projects from participating in revenue recognition by flagging them in the project setup profit center section. More on Project Setup |
| • | A user can also make revenue adjustments in the General Journal and flag them to be excluded from revenue calculations by selecting "Ignore In Rev. Rec.". More on the General Journal Header |
Field Descriptions
Period
Error Account
| • | Error Account - General ledger account to use if an account cannot be derived. More on GL Accounts |
Unbilled Revenue Base Codes
| • | Labor - Unbilled labor revenue base account (non subcontractor) |
| • | Other Direct Charges (ODC) - Unbilled ODC revenue base account |
| • | Out-of-Contract Consultants (OCC) - Unbilled OCC revenue base account |
| • | In-Contract Consultants (ICC) - Unbilled ICC revenue |
| • | Labor Upset - Unbilled labor revenue upset base account |
| • | ODC Upset - Unbilled ODC revenue upset base account |
| • | OCC Upset - Unbilled OCC revenue upset base account |
| • | ICC Upset - Unbilled ICC revenue upset base account |
| • | Subcontractor - Unbilled labor revenue base account (subcontractor) |
WIP Base Codes
| • | Labor - Work-in-progress labor base account |
| • | Other Direct Charges (ODC) - Work-in-progress ODC base account |
| • | Out-of-Contract Consultants (OCC) - Work-in-progress OCC base account |
| • | In-Contract Consultants (ICC) - Work-in-progress ICC base account |
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