Revenue Recognition Method

When defining a fixed price billing item, you'll need to indicate when the revenue for the item should be recognized.  The options include:

• When Billed - This option indicates that at the time the fixed price item is billed, the revenue will be recognized.
    
• % Complete - This option indicates that when the project is included in the posting process, a portion of the revenue may be recognized depending on the % Complete on the project / task item.  During the post process the % Complete field will be interrogated and a recognition amount will be calculated and compared against any amount previously recognized for that project/task and the difference posted to the Unanet Journal.   
  
  Note that the value used for % Complete can be either a manually entered amount or the system generated amount.  If your intention is to use a manually entered amount, you will want to supply a 0 % when initially setting up the project / task such that the post process won't attempt to estimate a % Complete for you.
    

Note that when running the Fixed Price Item export, the FIXED_PRICE_REV_REC_AMOUNT field will contain no value for fixed price items having a Revenue Recognition Method of "% Complete".

• Custom Schedule - When this option is selected, the Billing Manager will define one to many revenue recognition dates and amounts (ie a revenue recognition schedule).  The total of the entries in this section will need to match the fixed price item amount.