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Unable to Clear Errors in Revenue Recognition

  • August 31, 2021
  • 5 replies
  • 173 views

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Hello

 

I have these two errors in revenue recognition:

 

 

 

When I check the project, B25857 for example, the estimated revenue matches in the Project and Financial Project.

 

 

 

 

 

 

But when I recalculate revenue recognition, I get an error that revenue cannot be recognized.  Is there something that I am missing? I would appreciate any assistance on this.

 

 

Best answer by Adam Bereda

Hi,
Looking at your data (i believe not all events are visible in the screenshot, you have distributed estimated project revenue fully to the events, but not costs).
If I am right, in case of IAS15 recognition solution in IFS (event-based), you must distribute full estimated costs and full estimated revenue of the project to the events.

Error message related to revenues could be misleading. I suspect cost distribution issue. 
If above does not help, perhaps you can try as well extending currency precision in presentation (IFS Currency format with more than 2 decimals) - sometimes there could be rounding issue somewhere…

This topic has been closed for replies.

5 replies

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  • Hero (Customer)
  • 735 replies
  • Answer
  • August 31, 2021

Hi,
Looking at your data (i believe not all events are visible in the screenshot, you have distributed estimated project revenue fully to the events, but not costs).
If I am right, in case of IAS15 recognition solution in IFS (event-based), you must distribute full estimated costs and full estimated revenue of the project to the events.

Error message related to revenues could be misleading. I suspect cost distribution issue. 
If above does not help, perhaps you can try as well extending currency precision in presentation (IFS Currency format with more than 2 decimals) - sometimes there could be rounding issue somewhere…


Forum|alt.badge.img+8
  • Author
  • Sidekick (Customer)
  • 35 replies
  • August 31, 2021

Hi,
Looking at your data (i believe not all events are visible in the screenshot, you have distributed estimated project revenue fully to the events, but not costs).
If I am right, in case of IAS15 recognition solution in IFS (event-based), you must distribute full estimated costs and full estimated revenue of the project to the events.

Error message related to revenues could be misleading. I suspect cost distribution issue. 
If above does not help, perhaps you can try as well extending currency precision in presentation (IFS Currency format with more than 2 decimals) - sometimes there could be rounding issue somewhere…

Hello Adam

 

Thank you for your reply

 

Estimated revenues and costs are distributed.  Do you know where in IFS can currency precision be extended?


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  • Do Gooder (Partner)
  • 76 replies
  • August 31, 2021

 


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  • Author
  • Sidekick (Customer)
  • 35 replies
  • August 31, 2021

Thank you all, much appreciated. The problem has been solved.


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  • Hero (Customer)
  • 735 replies
  • August 31, 2021

Hi, Andrei, 
In old IFS version I am using, Currency Format is in global options: