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Question

How can I recognize FP revenue in advance of billing?

Solution

You may have a situation where you recognize revenue in advance of billing. There are two ways to handle this, either in the Billing and Revenue Post screen or in the Project Profile Billing setup for the Fixed Price Item.

Option 1:

In the Billing and Revenue Post screen, proceed with posting the Revenue by checking only "Post Fixed Price Revenue" as in the screenshot below. 


Option 2:

In the Project Profile, Billing setup of Fixed Price Items: define the billing amounts individually (if multiple), and set the appropriate revenue recognition date.  

In the example below, $24,999 has been recognized already, but will be billed in the future in annual installments of $8,333.

Additional Information

Help Docs - Fixed Price Import


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