you should update estimated costs to be equal to at least current actual or book manual accrual/provision decreasing actual costs… In such a way you will land in 100% progress and your recognized figures will be equal to estimated. Please note that estimated costs and estimated revenue for RMR purpose is not initial project budget - it is rather current forecast, verified each time… Adam, Firstly thank you for your prompt response. To elaborate on the quoted section above. You are suggesting that as a project runs over budget we should be adjusting the estimates to account for the over run. In your experience are you suggesting that we update the following with the over run prior to running rev rec. This would then update the Financial Project with the new numbers and have the project run “over” original plan. Can you elaborate on “RMR purpose is not initial project budget - it is rather current forecast” We have been attempting to use the projects built in forecasting tool / set
Good Morning @Adam Bereda , Andrei and I worked on these scenarios just before he posted the question. Here are some more details for our use case. All billings are advanced bill and are not CD invoiced until final shipments which could span multiple periods. So during the revenue recognition process we will not have any posted or actual revenue on the activities. Final CD Billings generally occur just before project completion. So we are left with projects over multiple periods in over or under recognized scenarios. We are looking for the path of lest resistance we could have 200-400 active projects during any given revenue recognition process. Having to manually adjust these on the fly seems like a very onerous task for the finance department. We are looking for a configuration in rev rec to accommodate actual cost vs estimated cost to calculate percent complete while posting recognized portions to COGS / REV accounts. All of that with a little adjustment as possible, none would
Sorry I guess creation date is a bad example for translations…
Right yes there are workarounds but I was really hoping to give our users the same behavior as most IFS screens.Using &CUSTOMER_INFO.CREATION_DATE would do language translations for the pop up window as well as allow the user to enter dates in Date..Date format. Created: 10/12/2020..11/12/2020Per IFS F1 Help documents shows that using the [---B-] allows between functions.
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