Hi Akshay,
Unlike other project types, fixed price project has many scenario's. You need to complete all the project accounting configurations/setups like project group, categories, ledger postings etc before posting transactions.
Accounting will happen based on below key setups in project group. You can learn more on this areas through various sources on internet. Go through below Microsoft docs link to see the examples.
1) Revenue recognition accounting rule: Completed percentage or completed contract
2) Matching principle: Sales value and Production+profit
3) On-accounting invoicing: Balance sheet or P&L
docs.microsoft.com/.../about-the-fixed-price-project-posting-examples
Process:
Create & post project transactions
Create on-account line for project(based on milestone)
Run the estimate (To recognize the revenue)
Generate invoice proposal and post invoice(To post AR/Customer)
Run the Elimination(To reverse WIP accounts)
