Revenue Rec Date

This field will reflect the date that a particular portion of a fixed price item's revenue is eligible to be recognized.  

Values in the “Revenue Rec Date” column determine when Revenue transactions can be generated for a given FP item as follows:

1. If a Revenue Rec Date is supplied on the FP item, and it is within the “Actuals Through” range of the Billing & Revenue Post process, the process recognizes revenue for the item.
2. If the item is to be recognized on % Complete, the post process will apply the current % Complete to the FP amount and recognize revenue for the difference between previously posted revenue for the item and the result of the current calculation.
3. Revenue will not be recognized by the Billing & Revenue process for FP items set to “When Billed”.  Revenue for these items will be recognized when they are placed on invoices and invoices are completed.

In cases where the Revenue Recognition Method is "When Billed" or "% Complete" those labels will appear in a gray font until such time that the item has been posted (at which time an actual date will be displayed).  

Those items that have been posted will also have a  dagger icon displayed next to the recognition date.