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816Hi ya,
I'm testing the process for different WIP method. The first WIP method I'm testing is Cost Value.
I read MS document:
Recognized cost:
Recognized sales:
In the project planning line, I create a line for resource.
The line type is both Budget & Billable, Unit cost = 50, Unit price = 65
I posted a time sheet and project journal (the line type is budget based on MS document), which is quantity 1 * unit cost 50 = 50
Calculate WIP and post WIP to G/L, the G/L entries is showing
Dr. WIP cost (Project posting group > WIP Cost account)
Cr. Job cost (Project posting group > Resource cost applied account)
Then I posted a project sales invoice, quantity 7.5 * unit price 65 = 487.5
Invoice cost amount = Quantity 7.5 * unit cost 50 = 375
The G/L posted is
Dr. Customer
Cr. VAT
Cr. Sales (Resource - (which is setup in General posting setup > Sales account)
I ran the calculate WIP and post WIP to G/L account
This time, recognized sales amount is updated as 487.5
G/L for recognized sales is as same as MS document
Dr. WIP Invoice Sales Account
Cr. Recognized Sales account
Dr. Project Sales applied account
Cr. WIP invoice sales account
Other infor:
In short, I don't see recognized cost account in this process.
It's supposed to be recognized when the project sales invoice is posted.
Can anyone please tell me what I missed?
Thank you!
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