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  1. On a new FP Project, populate the Fixed Price Items to add up to the total funded value, choosing % Complete as the revenue recognition method. The Bill Dates should be based on the actual invoicing schedule (they can be independent from the revenue recognition schedule).

     
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  2. Enter your People and Expense Plans prior to beginning work on the projects.

  3. Run the Cost Summary & Status report on Plans to confirm the associated Hours Budget, Labor Cost $ Budget, and Expense Cost $ Budget amounts.

  4. Populate these amounts on the Project Profile > Budget tab, and establish whether the COMPLETED PERCENT will be based on Hours, Labor Cost, or Total Cost (dropdown menu).

  5. Follow your processes for converting the Plans into Assignments (or make blanket assignments) so project activities can begin.

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