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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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If you are running revenue recognition for a CLI with time contract terms set to Fixed Price with revenue schedule, the revenue recognition dialog locks into the start dates, end dates, and scheduled revenue for each revenue schedule period. The dialog is very similar to the percent complete revenue recognition dialog, it's just missing the option to change how revenue is recognized, as percent complete calculations based on actual and scheduled work are not a factor when recognizing revenue for revenue schedule-based contract line items.
In the unlikely event that you have multiple unrecognized revenue schedule periods, the "Run Revenue Recognition" button will appear with a drop menu from which you are able to run rev rec against all unrecognized revenue periods in a single bulk action.
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