to select a project manager from Resource Lookup. You can also create a new Project Manager by clicking New in Resource Lookup.Use Project Revenue Accrual is used to review project revenue information and post revenue accruals for unbilled project amounts, accruals and adjustments as part of the monthly closing process. This process is only applicable for projects that have a Contract type having one of the following Revenue Recognition Methods:
Time and Expense (TE)
Time and Expense to a Maximum (TEM)
Fixed Price (FP)
Fixed Price Plus Expenses (FPPE)
Project Revenue Accrual allows you to recognize unbilled work for time worked on and completed in one month, and not billed to the customer until a later month. You want to recognize the revenue in the month the work was completed. The revenue will be accrued to the period entered in Period (which would be the month the work was completed). When the status is "Posted, the accrual will be recorded for the period entered and reversing entries will be created that will reverse out in the following accounting period. When an accrual affects more than one accounting period, the accrual must be entered for each period up to the period when the customer is invoiced. In the month the customer is invoiced, the revenue accrual is no longer needed. Accruing revenue allows the net income in the financial statements to be updated correctly upon completion of the work (or when the revenue is recognized) and remain correct when the customer is officially billed (invoiced).
The number of projects that are populated in the Detail area can be limited by specifying a Project Manager, Revenue Recognition Method, and/or Project ID prior to clicking the Update Detail button. Clicking the Update Detail button will populate the detail area with information associated with Active projects for you to review. Suggested Revenue Accrual and Adjustment amounts can be overridden.
The Revenue Accrual transactions are made to the project system.
Select Projects | Project Revenue Accrual. Project Revenue Accrual appears.
Number displays the unique identifier assigned by the System when you save the accrual the first time.
Select a Status based on the current state of the accrual. The options include the following:
Pending - the accrual is not finished or will have more details added.
Approved - the accrual is complete (approving is frequently performed by a team leader or project manager).
Note: New accruals should stay at a Pending status until they are finished and ready for approval.
Select the correct Period for the accrual. This is the period you want the accrual amount to update your financial accounts.
Specify a Date for the accrual. The date will generally be either the start or end of the accrual period listed.
In Description, type a description for the accrual you are creating.
(Optional) Specify user information in Session Reference. This data is not used for processing. The session reference allows for the unique identification of a batch of Project Revenue Accruals.
Selection Criteria area
Use the Selection Criteria area to narrow the list of projects that display in the Details area. The Project Manager, Revenue Recognition Method, and Project ID are optional.
In Project Manager, specify a project manager, or click Lookup to select a project manager from Resource Lookup. You can also create a new Project Manager by clicking New in Resource Lookup.
In Revenue Recognition Method, select the method of revenue recognition. Valid methods include:
None - Revenue and billing transactions are not generated for the project. Used for overhead projects.
Fixed Price - Revenue and Billing Transactions may be automatically generated for the project based on the billing rate schedule attached to the project, through Billing Schedule transactions, and through direct entry into the Project Invoices. Overall, project's revenues is calculated via the Fixed Price | Percent Complete entry in the Detail area of Project Revenue Accrual Detail.
Fixed Price Plus Expenses - This is a combination of a Fixed Price and Time and Expense Contract Type. It is treated as a fixed price project except for those values entered as Budget Exclusions. Budget exclusions are treated as Time and Expense transactions (e.g., billed out based on billing rate schedule).
Time and Expenses - Revenue and billing transactions will be automatically generated for the project based on the billing rate schedule attached to the project. No maximums will be applied to the project’s revenues or billing values. Any adjustments must be done via billing write-offs or by manually entering a Time and Expense | Revenue Adjustment entry in the Detail area of Project Revenue Accrual Detail.
Time and Expenses to a Maximum - Revenue and billing transactions will be automatically generated for the project based on the billing rate schedule attached to the project. Project maximums may be applied to the project’s revenues or billing values by manually entering a Time and Expense | Revenue Adjustment entry in the Detail area of Project Revenue Accrual Detail. Adjustments must be done via billing write-offs. The billing write-offs can be automatically created in Project Invoice using the Items Exceeding Budget option on the Write Off button. A portion of a Time and Expenses to a Maximum project can be excluded from the Project Maximum limitation if values are entered as Budget Exclusions.
Specify a project ID in Project, or click Lookup to select a project ID from Project Lookup. You can also create a new project by clicking New in Project Lookup.
Click Update Detail to populate the Detail area based on the values that you specified in Selection Criteria, if any. If Selection Criteria is left blank, information for all projects will display in the detail area.
Detail area
Use the Detail area to delete lines that are not useful or edit lines for the accrual(s).
Project ID - Displays the unique identifier or project ID/code for a project
Project Description - Displays the description of the project
Revenue Recognition Method - Displays the revenue recognition method of the Contract Type associated with the project.
Comments – Specify comments to help explain the accrual, or the change you are making to an existing accrual.
Total Revenue - Displays the total unbilled amount available to be accrued. You cannot change this value.
If a line requires a change, put the focus on the line, and then click Edit Line 
. Project Revenue Accrual Detail appears.
Fixed Price Column
Fixed Price | Revenue Budget – Displays the total revenue budget for Time and Expense to a Maximum, Fixed Price and Fixed Price Plus Expenses projects excluding any Time and Expense to a Maximum and Fixed Price Plus Expenses budgets falling into Revenue categories listed in the Budget Exclusions tab of Project.
Fixed Price | Expense Budget – Displays the total expense budget for Time and Expense to a Maximum, Fixed Price, and Fixed Price Plus Expenses projects excluding any Time and Expense to a Maximum or Fixed Price Plus Expenses budgets falling into categories listed in the Budget Exclusions tab of Project.
Fixed Price | Actual Expense to Date – Displays actual Project to Date Expense for Time and Expense to a Maximum, Fixed Price and Fixed Price Plus Expenses project through the specified period excluding any expenses falling into categories listed in the Budget Exclusions tab of Project.
Fixed Price | Percent Complete – Specify the percentage of the project that is completed. When you specify a value here, the System calculates FP Revenue Accrual, FP Adjusted Revenue, FP Revenue Accrual – Current, and Total Revenue. The value will default based on the Fixed Price Actual Expense to Date divided by Fixed Price Expense Budget * 100.
Fixed Price | Billed to Date – Displays the total billed to date amount for Time and Expense to a Maximum, Fixed Price, and Fixed Price Plus Expenses projects excluding any billings falling into categories listed in the Budget Exclusions tab of Project.
Fixed Price | Unbilled Work – Displays the sum of the unbilled amount for Time and Expense to a Maximum, Fixed Price, and Fixed Price Plus Expenses projects of project transactions posted to the fixed price portion of the job that were posted in the specified or prior period that have not been fully billed as of the specified period excluding any unbilled items falling into categories listed in the Budget Exclusions tab of Project.
Fixed Price | Revenue Accrual – Displays the difference of the Fixed Price Adjusted Revenue amount minus Fixed Price Unbilled Work amount minus Fixed Price Billed to Date amount.
Fixed Price | Adjusted Revenue – Displays one of the following. you can override the calculated adjusted revenue. When you do this, the System recalculates Fixed Price Percent Complete, Fixed Price Revenue Accrual, Fixed Price Revenue Accrual – Current, and Total Revenue.
If Time and Expense to a Maximum project, then lesser of
(Fixed Price Revenue Budget * Percent Complete), or
(Fixed Price Unbilled Work - Fixed Price Billed to Date)
If Fixed Price or Fixed Price Plus Expenses project, then Fixed Price Revenue Budget * Percent Complete
Fixed Price | Unbilled Work - Prior – Displays the sum of prior amounts posted (e.g. where Status = 'Approved') for the Period via Revenue Accrual for Fixed Price Unbilled Work transactions.
Fixed Price | Revenue Accrual - Prior – Displays the sum of prior Fixed Price Revenue Accrual amounts posted (e.g. where Status = 'Approved') for the Period via Revenue Accrual.
Fixed Price | Unbilled Work - Current – Displays the difference between the Fixed Price Unbilled Work - Prior amount and Fixed Price Unbilled Work amount.
Fixed Price | Revenue Accrual - Current – Displays the difference between the Fixed Price Revenue Accrual - Prior amount and Fixed Price Revenue Accrual amount.
Time and Expense Column
Time and Expense | Revenue Budget – Displays the Total Revenue Budget for Time and Expense projects for Time and Expense to a Maximum and Fixed Price Plus Expenses projects falling into categories listed in the Budget Exclusions tab of Project.
Time and Expense | Billed to Date – Displays the Total Billings to Date or Time and Expense projects and the Time and Expense to a Maximum and Fixed Price Plus Expenses projects for any billings falling into categories listed in the Budget Exclusions tab of Project.
Time and Expense | Unbilled Work – Displays the sum of the unbilled amount for Time and Expense projects or unbilled amounts for Time and Expense to a Maximum and Fixed Price Plus Expenses projects falling into categories listed in the Budget Exclusions tab of Project that were posted in the specified or prior period that have not been fully billed as of the specified period.
Time and Expense | Unadjusted Revenue – Displays the sum of Time and Expense Unbilled Work + Time and Expense Billed to Date amount.
Time and Expense | Revenue Adjustment – Specify any adjustments to the revenue. When you do this, the System calculates Time and Expense | Adjusted Revenue and Total Revenue.
Time and Expense | Adjusted Revenue – You can override the calculated adjusted revenue. When you do this, the System recalculates Time and Expense Revenue Adjustment and Total Revenue.
Time and Expense | Unbilled Work - Previously Accrued this Period – Displays the sum of prior amounts posted (e.g. where Status = 'Approved') for the Period via Revenue Accrual for Time and Expense Unbilled Work transactions.
Time and Expense | Revenue Adjustment - Previously Accrued this Period – Displays the sum of prior Time and Expense Revenue Adjustment amounts posted (e.g. where Status = 'Approved') for the Period via Revenue Accrual.
Time and Expense | Unbilled Work - to Accrue – Displays the difference between Time and Expense Unbilled Work - Prior amount and Time and Expense Unbilled Work amount.
Time and Expense | Revenue Adjustment - to Accrue – Displays the difference between Time and Expense Revenue Adjustment - Previously Accrued to this Period amount and Time and Expense Revenue Adjustment amount.
Note: When you are finished making changes to each line, click Save to save the current detail line changes.
Use the navigation buttons to move to the First 
, Previous 
, Next 
, or Last 
detail lines.
If you want to delete a line from the project revenue accrual, use one of the following methods:
In the Detail area of Project Revenue Accrual, put the focus on the line that you want to delete, and then click Remove Line 
. Click Yes when you are prompted with the following message: Are you sure you want to delete the selected view?
Or, if you are working in Project Revenue Accrual Detail, use the navigation buttons to move to the line that you want to delete, and then click Delete. Click Yes when you are prompted with the following message: Are you sure you want to delete the selected item?
When you are finished making changes for all lines, close Project Revenue Accrual Detail if it is still open.
Select Approved in Status, and then click Save. A journal entry is posted to General Ledger.