- 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).
- Enter your People and Expense Plans prior to beginning work on the projects.
- Run the Cost Summary & Status report on Plans to confirm the associated Hours Budget, Labor Cost $ Budget, and Expense Cost $ Budget amounts.
- 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).
- Follow your processes for converting the Plans into Assignments (or make blanket assignments) so project activities can begin.