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Item

Description

Bill Statuses

 

  • Deferred

Prior to Unanet version 10.0 ONLY(Legacy). Earned but not yet billable. These entries will no longer be made effective with 10.0.

  • Unbilled

Represents items that are billable and have been posted, but are not billed.

  • Draft

Represents items on a Draft invoice on reports, including Additional Items which do not yet have an associated journal entry, and items which have unbilled Journal Entries. One-time items will have a journal entry of Billed when the invoice is complete.

  • Billed

Represents items that have been on a completed invoice.



Revenue Statuses

 

  • Deferred

Represents revenue that is billable, but not yet been earned.

  • Draft
Fixed Price items with a Revenue Recognition Method of When Billed or any Write-offs or Additional Items included on draft invoices.
  • Recognized

Amount of Revenue posted via the Billing and Revenue Post process.



Other

Unearned Revenue

The terminology Deferred Revenue is used in Unanet for this.

Funded Value

Authorized expenditure, typically equal to project budgeted revenue. Can optionally be shown in an invoice header and used to limit Revenue and Billings at the Task and Project levels.

Pre-Bill Labor

The ability to create a billable transaction for placement on an invoice for T&M projects. Billlable hours which are posted will be offset against the Pre-Billed Labor balance to offset the deferred revenue until it has all been earned, i.e. becomes recognized revenue. Invoices show Pre-Bill amounts and remaining balance. Once a Pre-bIll amount has all been earned, additional posted billable hours would be billed in arrears. 

Actual Indirect Cost Rate

Computed by dividing the total amount of the cost pool by the total amount of the direct cost element(s). Example would be dividing the total dollars spent on fringe benefits by the total non-fringe payroll dollars of the people receiving the benefits. The actual rate is dynamic and changes with each period as costs are incurred and recorded in the General Ledger. This rate is computed in the financials system or keyed into Unanet as required. If not using Financials, Unanet allows the effective date for the Actual Rate calculation to be stored so that reports can show how current the rate is. Actual Rate is typically used when performing revenue recognition on CP type projects.

Provisional Indirect Cost Rate

The rate determined by budgets or forward pricing and approved by audit of an outside firm or agency. This rate is static and only changes with authorization from the outside firm or agency. This rate is normally used in proposals and in billing for Cost Type contracts. This rate is keyed in.

Target Indirect Cost Rate

The rate determined by the company as a goal rate based on budgets. This rate may be the same as the provisional rate and is usually a static rate, only changing once or twice a year. This rate is keyed. Note, some accounting systems such as GCS support only two rates (Target and Actual). In such situations Target has the same meaning as Provisional defined above.



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