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Ho to do Milestone Job Invoicing and recognise Revenue

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Posted on by DS22NAV 5

Hi,

We have a 3 year Project  contracted to be paid on Millstone  by the customer- eg $100,000 on Contract signing, $50,000 on Installation etc. (Advances)

I need to invoice these to get $$ from the customer, We have similar agreement with the vendor.

These invoices are NOT related to work been done but just Advances. 

I want to recognise revenue only when work is completed  or when items are shipped .

How do i park the customer advances in the Balance sheet and then recognise only when the items are shipped?

what is account setup needed and what do i need to do to reverse advances and move to Revenue

regards

Categories:
Jobs and Resources
  • Suggested answer
    Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Ho to do Milestone Job Invoicing and recognise Revenue

    DS22NAV,

    You can perform your Job Invoicing and setting these Milestone Payments as Job Planning Lines (Billable) and generate the billing when the milestone has been achieved. In the Job you will setup the WIP and Recognition method so your Project is recognized when completed.

    It is not hared to setup Jobs. You can capture all the costs (internal and external) and resource time.

    To help you, I am attaching the Jobs manual.

    Hope this helps.

    Thanks,

    Steve

    Jobs.zip

  • Suggested answer
    Dallefeld Profile Picture
    Dallefeld 11,423 User Group Leader on at
    RE: Ho to do Milestone Job Invoicing and recognise Revenue

    The method(s) for recognizing revenue are based on the Job WIP Method. There are about 4-5 standard setups. Based on what you stated you might use Completed Contract, Percent Complete or one of the others.

    By using Job WIP, there are many account settings to drive the balance sheet and income statement accounts that are used in the process. There is a Job WIP process that you can run for all jobs or a single job. Using Job WIP streamlines your accrual (WIP) process as well as recognizing revenue and cost.

    You should discuss with your partner and do lots of testing to find what suits you the best.

  • DS22NAV Profile Picture
    DS22NAV 5 on at
    RE: Ho to do Milestone Job Invoicing and recognise Revenue

    Thanks Andy-tried that . Awaiting reply

  • Suggested answer
    Nitin Verma Profile Picture
    Nitin Verma 21,023 Moderator on at
    RE: Ho to do Milestone Job Invoicing and recognise Revenue

    Hi DS22NAV ,

    You can use the JOB card to declare the project and their milestone with Job Task, and for the part invoice and resource loading you can use the Job Planning Lines. 

    It will gives you the facility to create Billable and Budget plan simultaneously.

    Thanks. 

  • Suggested answer
    YUN ZHU Profile Picture
    YUN ZHU 69,864 Super User 2024 Season 2 on at
    RE: Ho to do Milestone Job Invoicing and recognise Revenue

    Hi, can using Prepayment feature help you?

    More details:

    https://docs.microsoft.com/en-us/dynamics-nav-app/finance-how-to-create-prepayment-invoices

    https://stoneridgesoftware.com/navigating-prepayments-in-microsoft-dynamics-nav/

    https://www.youtube.com/watch?v=T_tTwGPYRpI

    Hope this will help.

    Thanks.

    ZHU

  • Andy Sather Profile Picture
    Andy Sather on at
    RE: Ho to do Milestone Job Invoicing and recognise Revenue

    Hello,

    If you don't get further responses to this issue, you may want to raise a support request to Microsoft support via your CSP / Partner.

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