Can anyone help me with what transaction triggers the Posting Controls of GP22 - GP25? I can’t get these transactions created in the application. What process creates these?
Best answer by BAKLarryG
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+15
Hi
GP22 is for Unbillable Project Revenue
GP23 is for Overbilled Project Revenue
GP24 is for Contra Account Unbilled Project Revenue
GP25 is for Contra Account Overbilled Project Revenue
With IFRS 15 there has been a requirement to recognize revenue for different milestones of a project.
With this requirement it was identified that for a construction type of a project, there can be different milestones/events to recognize revenue. Hence there should be the ability to define costs and revenue for different milestones of a project.
Therefore the solution was as below.
-New revenue recognition method ‘Event based’
-Possibility to define events and connect revenue, cost and percentage of completion (POC) to each event
-Revenue recognition based on amounts connected to events
In order to comply with this requirement in IFRS 15 of presenting the difference between actual and recognized revenue separately in the Balance sheet a new development was done.
According to IFRS 15, we should compare the recognize revenue with actual revenue and then the difference should be shown as a liability or asset. If the difference between recognize revenue - capitalize revenue is a positive amount it should be treated as an asset. And if the difference between recognize revenue - capitalize revenue is a negative amount it should be treated as a liability.
Hence as a solution,
-A new checkbox "Post Actual and Recognized Revenue Difference" to decide separate postings for actual and recognized revenue difference
-New posting types to post the actual and recognized revenue difference (GP22, GP23, GP24 and GP25) separately in the Balance Sheet.
Hope the above information would be useful to you 
Thanks & Best Regards,
Thanushi
Thanushi -
Thank you very much for this response. When I change the Revenue Recognition method to Event Based, the text says that the user can define events with revenue and costs to recognize for each event.
You mention it above as “Possibility to define events and connect revenue, cost and percentage of completion (POC) to each event”.
What type of setup is needed for these events? Where is this done?
Is it possible to still use POC Income First as the Rev Rec Method, and still use the checkbox for “Post Actual and Recognized Revenue Difference?
Thank you again for your response
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