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Project Accounting > Fixed Price Project > Advance Payment

Posted on by 25

Hi,

I have a Customer who needs to use milestones on fixed Price Project and these milestones should hit the revenue directly which is fine for me I can handle it through billing Rules (Milestone), but sometimes customers need to issue Advance payment (to hit deferred revenue) and later to settle it with one of the predefined Milestone (billing rule).

I'm using (No WIP) so I can hit the revenue Directly when posting the billing Rule.

any suggestion on how to handle the advance invoice.

If I am correct, customer advance is not valid for fixed Price type and if I use the On-Account it will act the same as a Billing Rule (milestone) and will hit revenue instead of Deferred Revenue.

thanks in Advance

  • Ahmad shukran Profile Picture
    Ahmad shukran 25 on at
    RE: Project Accounting > Fixed Price Project > Advance Payment

    Thank you, Mark, for your reply,

    Could you please clarify more?

    I need to Set up the Ledger Posting to "No Wip" so the milestones hit the revenue Directly (this is the main requirement), but I have another Requirement to Use Customer Advance and later settle it with milestones once it is Completed.

    So my question is how to Use Customer Advance Feature (Or any other Way) in Fixed Price Project with Ledger type (No WIP)?

    Thank you

  • Suggested answer
    MarkB45 Profile Picture
    MarkB45 755 on at
    RE: Project Accounting > Fixed Price Project > Advance Payment

    Hi Ahmed,

    If you have set up the ledger posting for on-account transactions to post directly to the P

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