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FirstBit provides the functionality of phased revenue recognition that allows each entity to recognize revenue in process of obligation contract obligations completing and based on costs accumulated incurred up to specific dates.

Configuration options

To be able to follow the rules of IFRS15, select the Enable the Phased Revenue Recognition Functionality option on the Administration > Settings > General Settings form. This functionality makes the Phased Revenue Recognition and WIP Costs Adjustments documents available for using.

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• Work-in-Progress GL account with Item, Project, and Customer Order as dimensions Expense Item as dimension. Cost Object also can be used as dimension if the Advanced Product Costing option is selected on the Administration > Settings > Production form.
• Contract Assets GL account in the Current Assets section.

You can use the these default accounts or add other accounts to the corresponding sections.

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For this, when creating a document, you need to replace the default expense account with the Work in Progress account. If a particular employee worked only for a specific Cost cost object, you can specify this cost object in any payroll-related document.

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On posting the document, the listed costs are moved from the WIP GL account to the account of Costs of Completed Works ; and the corresponding percent of planned revenue is recorded to the Contract Assets GL account while the remaining planned revenue remains recorded to the Contract Obligations account.

For each subsequent phase, except for the final phase, you can create a new Phased Revenue Recognition document. 

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When all phases are completed and all obligations are satisfied, you can issue an Invoice that would request payment for all the works within the contract or related to a the project. In this invoice you can list the Works and Services involved in the last phase of contract completion and the associated costs. Also, you can include all the Phased Revenue Recognition documents related to the contract or project with all the details. The invoice will include the applicable VAT amounts.

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