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Does anyone can help me to understand the following rule for invoice posting? The 4900 is a revenue account. The 1230 is an Asset account. The contract type is Cost Plus Fee.
|
LOF - COSTS |
Underfunded Costs |
ssssssssss |
4900 |
UNBILLED REVENUE |
ss |
ssssssssss |
1230 |
LOF - COSTS |
||||||||||
|
LOF - FEES |
Underfunded Fee |
ssssssssss |
4900 |
UNBILLED REVENUE |
ss |
ssssssssss |
4900 |
UNBILLED REVENUE |
Becky
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I have the same question (0)Dear Becky,
The source account category is the Account that is billed on the Invoice.
When the item is Billed , It looks like it will be hitting your Unbilled Revenue account, and it's Offset would be the AR-Trade account.
It would not use the asset acccount UNLESS you performed what we call a "Write down" (or Write up) When you write up/write down it uses the Adjustment account.
So if the Billing is 100.00, and you wrote down 50.00 of the billing then 50 would hit Revenue, 50 Would hit AR-Trade (this would update AR) and then the extra 50.00 that you wrote down would hit that Asset account.
Normally the Adjustment account is actually the same as the Primary account and it's usually a Revenue account.
Let me know if you have further questions!
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