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ReportCan we change the Accounting Method of an On going Project from "when Billed" to "When Performed".
Are there any consequences accounting wise ?
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Can we change the Accounting Method of an On going Project from "when Billed" to "When Performed".
Are there any consequences accounting wise ?
*This post is locked for comments
When you change the accounting method it is my understanding that the revenue recognition transaction will simply base the calculation on the current Accounting Method on the Project. If you had already run a revenue recognition transaction, it would consider what was already posted and self-adjust the next revenue recognition calculation to post the appropriate life-to-date revenue, project billings, etc.
Reuben Cook
reubenc@squire.com
www.squire.com
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