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- Project Billing System
- Process
- Close project revenue
Close project revenue
Controller starts with an open revenue period and active contracts. The contract method determines the provisional recognized amount for each project and period. The entry keeps period and cumulative revenue, invoiced amount and supporting progress measures where relevant. Approval comes before the related journal posting and period lock.
Step by step
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Record accounting Controller
Controller checks the journal entry linked to an approved invoice and resolves an unbalanced or duplicate posting.
- Confirm the approved invoice has one balanced Posted journal entry.
- Updates Invoices, Journal entries
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Close revenue Controller
Controller reviews provisional revenue, approves the entry, checks its journal posting and locks then closes the period.
- Move Provisional to Approved and Posted before the period moves Open to Locked and Closed.
- Updates Rev rec entries, Rev rec periods, Billing contracts, Journal entries
ApprovalA person approves before the work moves on.
Who does what
Roles and permissions- Controller
- , billing specialist, project manager.
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