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Unable to see the Actual invoice in Project Statements

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Posted on by Prabhath-AX

105

Dear Friends,

I created a Fixed Price project and posted some hour transactions. So, the cost is booked. Based on this cost, I have run the Estimate and posted the accrued revenue. The details are below:

Accrued Revenue is 10,000

Now, I wanted to book the actual revenue. So, I created and Invoice Proposal (Based on Milestone defined in the billing rule). The details are follows:

But, when I look at the project statement, the actual invoice is not getting reflected. The invoiced revenue is still showing 0

As per my posted invoice, the actual revenue should be 12,000. Should I reverse the accrued revenue? Even if I reverse, will system show the invoiced revenue? Theoretically, when I have actual revenue, my P&L should be based on the Invoiced revenue and not from Accrued revenue. Am I right?

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Prabhath-AX 105 on at

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RE: Unable to see the Actual invoice in Project Statements

Status of Project Group is below

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Ludwig Reinhard Microsoft Employee on at

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RE: Unable to see the Actual invoice in Project Statements

Good Morning Anthony,

With this project / project group setup the revenue will be created at the time the estimate is posted. That's your revenue that you should see in the P&L statement form/section.

Invoicing a milestone is a pure balance sheet transaction that debits and credits balance sheet accounts. As a result, no P&L effect arises when you create the project invoice.

Best regards,

Ludwig

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Prabhath-AX 105 on at

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RE: Unable to see the Actual invoice in Project Statements

Dear Ludwig,

Good Morning & Thanks for the quick reply...!!

So, when does the Invoiced Revenue gets updated? At some point, should the recognized revenue be reversed and Invoiced revenue booked? Means, from BS Account, it posts tp my P&L account in GL? Appreciate your earliest response.. In My screenshot below, even the on-account also shows 0 despite I have posted an invoice of 12,000

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Ludwig Reinhard Microsoft Employee on at

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RE: Unable to see the Actual invoice in Project Statements

Hi,

I am afraid but the revenue recorded won't move 'up' in your project statement and will remain as accrued revenue.

Below, some screenprints from my second book where I provided a number of examples how this posting process works for your project group setup configuration.

You might not be able to follow up the different numbers but the posting process should become clear from those illustrations.

Best regards,

Ludwig

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