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Excerpt
hiddentrue

a look at the contract line item > revenue recognition landing page 


Info

Revenue recognition is the process of realizing earned revenue. This is a manual process that ensures that accounting complies with Generally Accepted Accounting Practices (GAAP) and does not violate IRS laws. In Projector, this process is performed in bulk from the contract line item search page and individually from the revenue recognition landing pages for individual CLIs. Revenue recognition is most commonly run on Fixed Price contract line items. It is not advised and much less commonly run against Time and Materials or Not to Exceed contract line items. 

Child pages (Children Display)


Tip
titleAdditional Resources
  1. The How To Guide for Revenue Recognition in more Management Portal oriented, but does an excellent job of outlining when to run revenue recognition and for what types of contract line items.
  2. The March 2022 Release Overview Webinar provides an overview of the updates to revenue recognition on the web introduced on March 12, 2022. (go to 26:23)

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  1. The accounting period should be closed and/or
  2.  The associated projects should be closed for time

Running Revenue

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Recognition 

The revenue recognition wizard dialog is launched from the contract line item landing page.  The contract line item can be found by performing a search on the Contract Line Item search page, navigating to the landing page, selecting the Revenue Recognition sub-page, and then clicking on the button "Run Revenue Recognition". Projector will present one of two dialogs depending on whether the contract line item has a Time Contract Terms of  Percent Complete or a Revenue Schedule. 

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