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In the Company column, select the company that ordered the works.
In the Contract column, select the company contract or create the contract.
In the Item column, specify the work item ordered by the company.
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Use the Quantity column to enter the quantity of the work item in the unit of measure that is specified in the UOM column.
In the Amount (CurrCur.) column, enter the opening balance in the contract currency.
The Currency column is populated with the contract currency.
In the Amount (Acct. CurrCur.) column, enter the opening balance in the accounting currency.
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Once you specify all attributes of the cost object, click Save and close to save the cost object and close the dialog box.
In the Cost Element column, specify a cost element which you can select from the Employees, Fixed Assets, and Items lists.
Use the Project column to select the project associated with the contract asset.
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In the GL Account column, make sure that the correct income asset account appears for recording the amount of already recognized revenue.
Use the Transaction Content column to enter the description for the journal entries.