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How to let the system calculate & display Actual Income before creating AR invoices for projects?

  • January 19, 2024
  • 3 replies
  • 135 views
H
Semi-Pro II
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Hello all,

I have been trying out to let the system calculate & display the Actual Income section of the Projects before creating an AR Invoices.
 

So I would like to record Unbilled AR and display that figure under Actual Income.

I have a Time & Material project, so I create the project transactions , not posted to GL, using the Employee Time Cards.

Now I would like an Allocation rule that would post a GL transaction as:

                          DR                CR

Unbilled AR       800

Revenue A/c                         800

And then the Actual Income gets updated to 800.

And then when we generate the AR Invoice/Run Project Billing then the Unbilled AR should get nullified.

 

How can we get this done?

Best answer by Laura03

Hello,

“I have been trying out to let the system calculate & display the Actual Income section of the Projects before creating an AR Invoices.”

There is no Actual Income before billing takes place.  Releasing Invoices creates actual income.

If you want to preview individual invoices before they are committed as AR Invoices, turn on the Create ProForma option of the project.

To report Unbilled by Project, create a Project Financial Report in Preferences section of Finance.

Have you contacted your VAR/Partner for help ? Your VAR is the best source to help you with your project configurations.

Laura

3 replies

Laura03
Captain II
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  • Laura03
  • Captain II
  • Answer
  • January 19, 2024

Hello,

“I have been trying out to let the system calculate & display the Actual Income section of the Projects before creating an AR Invoices.”

There is no Actual Income before billing takes place.  Releasing Invoices creates actual income.

If you want to preview individual invoices before they are committed as AR Invoices, turn on the Create ProForma option of the project.

To report Unbilled by Project, create a Project Financial Report in Preferences section of Finance.

Have you contacted your VAR/Partner for help ? Your VAR is the best source to help you with your project configurations.

Laura

~ Laura Barber, WM Synergy
Chris Hackett
P
Freshman I
  • ptingle10
  • Freshman I
  • March 8, 2024

At the Project and/or Project Tasks enter the the Sales Account as the Unbilled Revenue Account.  Then set and run the allocation rule to Replace/Debit the Unbilled Revenue and Replace/Credit the Revenue account.   

Chris Hackett
H
Captain II
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  • Harshita
  • Captain II
  • March 9, 2024

So here’s what i did,

I created an Allocation rule, consisting of multiple account groups.
For an instance, taking the Labor Account group:

And left the allocation settings tab as it is:
 

And then created a step for Unbilled Labor account group:

And this made up the requirement successfully running up. So now whenever an invoice would be generated, the WIP account would get nullified. 

Chris Hackett
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