Skip to main content
Solved

Recognize Project Revenue upon Project Completion

I have a scenario with projects where all costs over the course of the project are accumulated in balance sheet accounts. Once the project is mark as completed in Acumatica, all costs and revenues associated with the project should move from the balance sheet to the P&L. Ideally, this would happen when the project is closed and not when the AR invoice is released.

 

Is it possible to use Allocation Rules to accomplish this? It appears that it can only happen on invoice release. Can I configure a rule that only allocates when manually exectued after the project is closed?

2 replies

iqraharrison
Rank
Userlevel 7
Badge +8

@bstabiner95 hi there! i had a client who had similar requirements.  What we did was create a UDF for project complete which triggered a business event that reversed the allocations.  That would then notify the finance department to complete their final financial review and close out the project. 

 

The only issue I found with this solution is that we had to do two business events, one for revenue and one for cogs but that is because we had specific subaccount requirements.  In your case, it may be easier to have one BE to reverse the allocations upon ticking off the project complete UDF (or something similar).  may be worth testing out!

Iqra ~ If a member helped you, please *Like* their post. If a member provided an answer to your question, please mark it as *Best Answer*.
B
Rank
Userlevel 1

@bstabiner95 hi there! i had a client who had similar requirements.  What we did was create a UDF for project complete which triggered a business event that reversed the allocations.  That would then notify the finance department to complete their final financial review and close out the project. 

 

The only issue I found with this solution is that we had to do two business events, one for revenue and one for cogs but that is because we had specific subaccount requirements.  In your case, it may be easier to have one BE to reverse the allocations upon ticking off the project complete UDF (or something similar).  may be worth testing out!

That makes sense - thank you!

For the reversal, what date did you use? Did you simply reverse the original transactions? Or were you able to set the transaction date to be the date that your UDF was ticked? I think ideally I would want all allocations reversed on the day of project closure. If I could use a Business Event to do that, it would be even better!

Reply


Terms & ConditionsCookie settings