Refer to documentation Implementation
Fields
The following fields are present on this tab :
Identification
| Enter a unique code for this rule. |
| Enter a description for the code. |
| Enter or select a company. The PJTMGT- Project management parameter (TC chapter, PJM group) must be set to Yes for the selected company. |
| Select how the revenue is calculated: Project
Dimension
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| Enter or select a project code to limit this Revenue recognition code to a single, open project. A project cannot be closed or new. Leave this field empty to apply this code to multiple projects. |
| When the Calculation basis is Dimension, you can enter a dimension type based on those linked to the main analytical ledger type. Depending on the company settings, there can be a default value for the company. |
| When the Calculation basis is Dimension, you can enter a value based on the Dimension type field. |
| This field displays the ledger type based on the Company selection. |
| When the Calculation basis is Dimension, this field displays the ledger used for actuals calculations. |
| Select the revenue recognition method that will be associated with this Revenue recognition code:
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| Assign an access code so that the access to this Revenue recognition code that can then be controlled. |
| Select this checkbox to use this revenue recognition rule. If this code is not active, it cannot be used when launching a calculation in Revenue recognition calculation or Revenue recognition validation. |
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Presentation
In this section you can define the column types and formula or you can use the default setup. Each column type is associated with a default formula that determines which tables and fields are used to calculate the value. You can modify formulas as needed using the Formula wizard. Actual revenue and Actual cost can be further refined by specifying the Account roots or selecting a list of accounts using the Multiple selection option to filter journal entries.
After a Revenue recognition code has been used in either Revenue recognition or Revenue recognition validation, you can no longer modify the Revenue recognition method or the formulas.
When selecting a Column type, the following data rules apply:
Est. revenue at completion: Amount from the estimated revenue at completion on the project
Actual revenue: Journal entries with the project number for the accounts specified in Revenue recognition rules
Actual costs: Journal entries with the project number for the accounts specified in Revenue recognition rules
Est. cost at completion: Total estimated costs from the financial snapshot with the Revenue recognition checkbox selected
Note: You can adjust manually.
Project margin percentage: (Expected revenue at completion minus estimated cost at completion) divided by expected revenue at completion
Percentage of completion (initial): Given the method, the percentage of completion standard formula is different.
Manual Percentage: Value entered in Estimated progress for the project
Percentage of costs with estimated margin at completion: This is the Actual cost or Est. cost at completion
Percentage of costs without estimated margin at completion: Actual revenue divided by Est. revenue at completion
Gross recognized revenue:
Manual Percentage: Percentage of completion multiplied by Est. revenue at completion
Percentage of costs with estimated margin at completion: Percentage of completion multiplied by Est. revenue at completion
Percentage of costs without estimated margin at completion: Actual costs
Net recognized cost: Gross recognized cost minus Actual cost or you can adjust manually.
Invoices to be issued: This column is populated if the Net recognized revenue column is a positive amount, meaning the company has invoiced more than was estimated for the period.
Sales accruals: This column is populated if the Net recognized revenue column is a negative amount, meaning the company has invoiced less than was estimated for the period.
Invoices to be received: This column is populated if the Net recognized cost column contains a positive amount, meaning the company has been invoiced less than what was estimated for the period.
Cost accruals: This column is populated if the Net recognized cost column contains a negative amount, meaning the company has been invoiced more than what was estimated for the period.
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Fields
The following fields are present on this tab :
Grid Columns
| Select a column type:
*When you select Actual revenue or Actual costs, you can use the Edit action to define the start and ending account root or account list. If multiple accounts are needed, you can use the Multiple selection option to select accounts. See the Account root/list field help for details.
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| Enter a title or you can accept the suggested column title. |
| The formula depends on the Column type selection. You can accept the default formula type or modify as needed using the Formula wizard. |
| Use this field to define the account roots or a list of accounts to further refine the formula. If the Column type is Actual revenue or Actual costs, the Edit option is available so you can define the start and ending account root or account list. If multiple accounts are needed, you need to select them individually and they are added to the Selection field in the Formula wizard separated by a comma, but there is a 200-character limit. If the list of accounts exceeds the character limit on the line, you can use the Multiple selection option. The Accounts list window opens that lists all accounts in the main general ledger or main general analytical ledger according to the calculation basis chosen. The List name is autogenerated and is the concatenation of the rule code, company and the actual column type number. You can select as many accounts as necessary with no character limit and you can export the list of accounts to Excel. If you used the Multiple selection option, ellipses within brackets ([...]) displays in this field and you cannot add lines for the same actual Column type. If you do, you receive a blocking error.
Note: When duplicating revenue recognition rules, and the chart of accounts is different for the second company, the account list is reset, and you need to define the accounts. |
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When a Revenue recognition code has been used in either Revenue recognition or Revenue recognition validation, the revenue recognition method and formula fields are disabled, and the record cannot be deleted to prevent changes after calculation has been done.
In addition to the generic error messages, the following messages can appear during the entry :