Project Management

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    gabriel kinovisques
    R13 Project Billing & Revenue Accounting
    Topic posted October 31, 2019 by gabriel kinovisquesRed Ribbon: 250+ Points, tagged Project Billing & Revenue 
    50 Views, 2 Comments
    Title:
    R13 Project Billing & Revenue Accounting
    Summary:
    R13 Project Billing & Revenue Accounting
    Content:

    Hello 

    Will you please share with me the Project Billing & Revenue event accounting.

    Best Regards

    Comment

     

    • Suresh Kumarasamy

       

      Revenue and Invoice Accounting Entries

      The following table contains an example revenue accounting entry.

      Entry Distribution Account Debit Credit

      SLA1

      RDL1

      Unbilled Receivables

      40

      0

      SLA1

      RDL1

      Revenue

      0

      40

       

      The following table contains the corresponding invoice accounting entry.

      Entry Receivables Item Account Debit Credit

      SLA2

      AR1

      Accounts Receivable

      40

      0

      SLA2

      AR1

      Deferred Revenue

      0

      40

       

       

    • Janelle Azimullah

      The entries shown only show Project Billing and AR transactions, however there are entries that are created when the expected consideration is entered as a contract liability at inception (DR: contract asset, CR: contract liability). 

      Would be good to see end to end accounting treatment under the new standard using Project Billing, Accounts Receivable and Revenue Management.