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a look at the contract line item > revenue recognition landing page |
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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.
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When new time cards are approved within already rev rec'd periods you, in order to allocate revenue to them, you should unrecognize revenue for the period and then rerun revenue recognition to spread the revenue across all approved cards within the date range. Other actions requiring revenue recognition to be undone include: transferring time to another project, unapproving, or deleting time cards that have recognized revenue.
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