Costs of Goods Sold (COGS) and Revenue must be posted in a timely manner to create the necessary journal entries. Posting Project COGS recognizes Cost such as Materials that are associated with a Project, while posting Project Revenue recognizes all the Revenue earned to date for a Project, based on the percentage of job completion
Post Project COGS
- Open a Project
- Click the Extended Menu icon and select Post Project COGS. A posted Invoice is automatically generated with the Invoice Type field set to PROJ_COGS. This record can be closed
- On the Profit tab click the Refresh icon, and note the following:
- Depending on the costing method used, the Percent Cost Complete field is updated
- The Actual column, WIP field value is moved to the Actual > Material and the Earned > Material fields
- Clicking on either the Actual or Earned column > Material hyperlinks allows you to view the GL journal entries
Post Project Revenue
- Open a Project and click the Profit tab. Current un-posted Revenue for a Project is reflected in the Earned column > Un-Post Rev. field
- Click the Extended Menu icon and select Post Project Revenue
- Select a Date to post Revenue and click OK. A “Success” message will appear when the Revenue is successfully posted.
- From the Profit tab click the Refresh icon, and note the following:
- The value in the Earned column > Un-Post Rev. field is moved to the Earned column, Revenue field
- Clicking on the Revenue hyperlink displays the posted journal entries