Stage Billing - Does standard IFS Functionality exist to reverse or post the Stage Billing Invoice balance from the P&L account using posting control M28 to a define Balance Sheet account? And can this be reversed once the Stage Billing order line is delivered?
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Stage Billing - Does standard IFS Functionality exist to reverse or post the Stage Billing Invoice
+1Best answer by Thomas Peterson
Hi,
No purpose-built functionality that will reverse the posting from the staged billing. Again, if you make M28 flow to the balance sheet, you then must manually move this for the appropriate revenue posting or use some other creative process.
Per my experience working with many clients, i have seen a few clients attempt to use charges and other, to create adjusting entries. - I saw those clients because I was asked to fix the problems created by these creative solutions.
A simple financial project can be very quick, easy, and can be mostly automated.
Hi,
The staged billing (customer order side) generates revenue (M28).
If the customer order line is connected to a project, the project accounting can manage the results. For example, if we capitalize cost / revenue, that sale posting can be moved to the balance sheet. Then when the project is completed (for example delivery) the balance sheet posting is reversed back to revenue. Many options in this flow are supported. Depending on needs, the job functionality could be something to look at. Jobs have a place, use case, but not for all. Most clients use a project (a job is a special type of project). Pure financial projects may be the best place to start.
If you post the M28 to the balance sheet via posting control, IFS has no automated way to move the value back to revenue. Sure - you can craft a creative solution using charge types where charge types connected to the order line can generate additional postings. Problem is - I’ve had to fix a good number of clients who used such creating solutions. Those solutions are not what I would call stable. Stuff happens, and it can be tough to fix.
IMO - the project accounting is quick, easy, and it works. Automations can be crafted to make the process even easier.
Cheers,
Thomas
+1Hi Thomas
Wanted to know if there is any way you can action Stage billing outside of Project accounting ?
Jeremy
Hi,
No purpose-built functionality that will reverse the posting from the staged billing. Again, if you make M28 flow to the balance sheet, you then must manually move this for the appropriate revenue posting or use some other creative process.
Per my experience working with many clients, i have seen a few clients attempt to use charges and other, to create adjusting entries. - I saw those clients because I was asked to fix the problems created by these creative solutions.
A simple financial project can be very quick, easy, and can be mostly automated.
+1Thomas
Thanks for the Answer - will look into if we can get Finance to “follow the rules”. Thanks again for your advice
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