View or Enter Project Totals

Explanation

Use this activity to enter project totals for a project in IFS Financials having revenue recognition methods POC Income First, POC Revenue First or Event Based. If Separate GL/IL Rules is selected data need to be entered for both General Ledger and Internal Ledger.

If project origin is Project, values will be fetched from IFS Project.

The values in the recognized revenue, costs, income and margin are based on information generated by the revenue recognition functionality. The recognized income and margin will be automatically calculated based on those values.

When project inventory cost needs to be included in revenue recognition calculation, balances of accounts selected to include in revenue recognition will be updated in the Project Inventory field.

Prerequisites

Before detailed project information can be entered, the following must have been completed:

• The code part function Project Accounting must have been specified for one code part in Define Code String in IFS/Accounting Rules.
• Information on the project group must have been entered in Project Groups in IFS/General Ledger.
• A financial project should be created.

System Effects

• Estimated income and margin will be calculated.
• Values in Actuals section will be updated.