web
You’re offline. This is a read only version of the page.
close
Skip to main content

Announcements

Check out the Community Spotlight Video Series
News and Announcements icon
Community site session details

Community site session details

Session Id :
Dynamics 365 Community / Forums / Finance | Project Operations, Human Resources, ... / Project contract: Mana...
Finance | Project Operations, Human Resources, ...
Unanswered

Project contract: Manage advance received from customer for billing type "fixed price" and for resources/non stocked based.

(0) ShareShare
ReportReport
Posted on by Community Member

Hi,

How to manage advances for fixed price billing type contract. While using the out of box functionality "advance and retainers" it is violating the Indian CA norms. 

I have the same question (0)
  • MarkB45 Profile Picture
    MarkB45 755 on at

    Hi Neel,

    What part if the process is not in line with Indian CA norms? Can you explain a bit further as not too familiar with Indian accounting practices.

    Standard postings would be:

    Pre-Bill(advance) invoice:

    Debit: AR Control account (Customer sales account)

    Credit: Defferred Revenue

    Credit: Sales Tax (if applicable)

    Subsequent Invoicing of Actuals (zero invoice if total Pre-Bill value is not consumed):

    Debit: Defferred Revenue.

    Credit: Actual Revenue.

    KR

    Mark

Under review

Thank you for your reply! To ensure a great experience for everyone, your content is awaiting approval by our Community Managers. Please check back later.

Helpful resources

News and Announcements

Check out the Community Spotlight Video Series

Quick Links

Season of Sharing Community Challenge Winners!

Congratulations to our community stars!

Women in Power Builds Momentum

Expanding mentorship, skilling, and AI innovation

Congratulations to the July Top 10 Community Leaders

These are the community rock stars!

Leaderboard > Finance | Project Operations, Human Resources, AX, GP, SL

#1
SajeedMullaji Profile Picture

SajeedMullaji 760

#2
Martin Dráb Profile Picture

Martin Dráb 330 Most Valuable Professional

#3
CU10121822-0 Profile Picture

CU10121822-0 310

Last 30 days Overall leaderboard

Featured topics

End-of-life Announcement for Microsoft Dynamics GP
License usage reporting (in-app and PPAC) with Entra dynamic groups

Product updates

Dynamics 365 release plans