Good morning,
We are using Work Task Cost Codes to repost costs for the Work tasks.
We have a question from the business, if there is any possibility to do the same thing with the revenue: move initially to Deferred revenue, and when the Work Order is closed to automatically move from Deferred to Actual revenue.
Did anybody find a way to repost the revenue?
Is this feature present in any IFS version? Would customization be a viable option?
Thanks,
Cora
Hi,
Yes, this is possible. Depending on the volume of work orders, it may be easy or difficult. This capability would need to be tested. I’m not 100% sure, but I believe I tested similar a few years ago.
IFS has a concept of project accounting. In this you could have a financial project used by certain work orders where you want values (cost and revenue capitalized until completion). If we use a financial project and the type of project is cap rev / expense and the rev is based on project completion, the rev and cost would be pushed to the balance sheet. When the work order is completed, you could have a function (custom event or BPA) to complete the Finance project.
Project completion would move the values from balance sheet to actuals. To simplify the process, test with a financial project, with the transaction-based capitalization. If you don’t know IFS Finance projects / project capitalization, the best / easiest way to learn is financial project and simple do manual vouchers to represent what happens in the work order (far quicker and easier than doing the work order). This is simply to better understand what would happen if you do the work order.
Not sure if this is practical for your scenario.
Clearly it would need to be tested.
Best regards,
Thomas
Thank you, Thomas, I will try that.
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