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The Revenue and Costs tab includes the following two panes:
- Services: Only items of Work and Service types can be listed here. Clicking the Fill button, you can populate the Work Costs table (which is lower on the form) with costs of the listed works.
- Work Costs: The costs of works that are listed in the Services tab. You can clear the check box for the Show Work Costs for the Selected Row option at the form bottom to view all the costs at once. By default, the Show Work Costs for the Selected Row option is selected, and only costs related to the work selected in the upper pane are listed.
The "Phased Revenue Recognition (create)" form. The Revenues and Costs tab
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The Price column is populated automatically from the price designated in Project Estimates or in the Customer Order. You can enter the prices manually if you have appropriate access rights.
Note. Even if for the entity the Create GL Entries for Trade Discounts option is selected in its master record, journal entries will not use separate GL accounts to post amounts of different discounts.
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The value in the Amount Excl. VAT column is automatically calculated for each item according to the specified price, quantity, and discount.
If the VAT Applied option is selected for this invoice on the Main tab, the VAT, % and VAT Amount columns are available. The VAT amount is calculated in the currency of the document according to the VAT-related settings (which are specified on the Main tab).
The Already Recognized Quantity column is populated with the work item quantity that was recognized over the previous phases.
The Already Recognized Revenue column is populated with the corresponding revenue that was recognized for the work item over the previous phases. The details on these revenues are listed on the Already Recognized Revenues and Costs tab Costs Recognized for Previous Phases tab in the Work Costs pane which appears when you click Fill > Already Recognized Revenue and Costs on the pane toolbar.
Use the Revenue Recognition Percent column to specify the percent of the total revenue to be recognized for the work item in the current period or leave it blank if the recignition recognition is based on other criteria.
In the Current-Phase Quantity column, enter the estimated quantity of the item that has been completed at this phase. If the percent of recognition is specified in the Revenue Recognition Percent column, the amount is calculated automatically based on the percent of recognition as follows:
CurrentPhaseQuantity = Quantity * RevenueRecognitionPercent /100
Accordingly, If the percent of recognition is specified, the Current-Phase Revenue column is populated automatically based on the percent of recognition as follows:
CurrentPhaseRevenue = AmountExclVAT * RevenueRecognitionPercent /100
If no percentage of recognition is specified, enter the amount to be recognized at the current phase in the Current-Phase Revenue column.
The Total Cost column shows the amount of costs associated with the work.
The Already Recognized Costs columns shows the amount of costs that were recognized for the work item over the previous phases. The details on these costs are listed on the Already Recognized Revenues and Costs Costs Recognized for Previous Phases tab on the
Work Costs pane which appears when you click Fill > Already Recognized Revenue and Costs on the tab toolbar.
In the Cost Object column, select or create a cost object to which the costs are linked.
In the Income Item column, specify an income item related to this transaction. The column appears ifIncome Item is selected as a paratemer parameter for the base project analytics.
In the Expense Item column, select an expense item related to this transaction. The column appears ifExpense Item is selected as a paratemer parameter for the base project analytics.
Use the Business Activity column to indicate the business activity to which this transaction is related. The column appears if Business Activity is selected as a paratemer parameter for the base project analytics.
In the Department column, enter the department responsible for the work. The column appears if Department is selected as a paratemer parameter for the base project analytics.
In the Project Task column, select the task of the project if this document is based on the project. If all items are related to the same project task, use the Settings button to move the Project Task column as a field to the Main tab.
Click the link in the GL Accounts column to check that correct GL Accounts will be used for this transaction.
The GL Accounts dialog box
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- Work Costs by Cost Object: To select the costs associated with the specified Cost Object.
- Work Costs: To select all costs associated with the Work item.
- Already Recognized Revenue and Costs: To show the Costs Recognized for Previous Phases tab with information on already recognized revenues and costs.
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The Work Costs pane includes the following two tabs:
- WIP: Shows the current costs associated with the selected work item or all items in the upper pane. The costs may be filtered as marked by Cost Object or not marked. To populate the table, click Fill and select one of its options or click the Pick Work Costs button on the pane toolbar.
- Costs Recognized for Previous Phases: to bring up this tab, click Fill > Already Recognized Revenue and Costs on the upper pane toolbar. The tab shows the results of the previous phases of recognition.
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