Process a Project's Revenue
To compute the proper amount of revenue for a project, you must complete a number of steps.
Because the timing and sequencing of these steps have a direct affect on the validity of the revenue calculation, please be sure that you complete the steps in the right order.
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- Step 1: Validate the Project's Basic Revenue Information
The calculation of revenue depends upon a variety of factors. - Step 2: Freeze the Ledger
Costpoint contains "locking" procedures to ensure that postings can be made to the General Ledger without causing a loss of data during collisions with other processes. - Step 3: Compute and Print Pool Rates
This step is required, even if you are planning to print all of your project reports using target rates. - Step 4: Post Pool Journal
After you have computed the pool rates and allocated service center cost, you must post the Journal that is updated through that process to the G/L. - Step 5: Compute and Print Commitments
Run the Compute/Print Commitments screen before running the burden cost program (Step 6), because the burden cost program burdens commitments and incurred costs. - Step 6: Compute Burden Costs
You must complete this step before you can print any Project Summary Reports and before you can compute revenue. - Step 7: Update Project Status Report Table (Optional)
If you are planning to print Project Status Reports that do not include revenue or fee (profit) information, you can go to the Update Project Status Report Table screen as soon as you complete Step 6 and update the Project Status Report with the burdened costs for each project. - Step 8: Load Labor Rates for Loaded Labor Formulas
For any projects that include Loaded Labor (T&M) revenue formulas, you need to run the Load Labor Rates screen. - Step 9: Post Billings for Revenue = Billings Formulas Only
For any projects that include the Revenue = Billings revenue formula, you must compute and post billings before attempting to compute revenue. - Step 10: Compute Revenue Screen
Use the Compute Revenue screen to compute revenue using the formula that was specified on the Manage Revenue Information screen. - Step 11: Post Revenue (Optional)
At this point, you can either post the Revenue Journal to the G/L, or you can wait until the revenue redistribution process is completed before posting the Revenue Journal. - Step 12: Redistribute Revenue Screen
Use the Redistribute Revenue screen to redistribute a project's revenue based on cost incurred. - Step 13: Update Project Status Report Table Screen
Use this screen to update the tables from which the Project Status Report, the Project Cost Summary, and Project Revenue Summary are printed. - Step 14: Update Other Project Report Tables Screen
Use this screen to create report tables necessary for specific project reports. - Step 15: Print Project Status Reports and Detail Reports
Before "un-freezing" the ledger, print all of your Project Status Reports and the detail Labor and ODC reports from Costpoint Inquiry and Reporting. - Step 16: Post Revenue
If you have not previously posted revenue (Step 11) or if you have posted and then redistributed revenue (Step 12), you must post the Revenue Journal to the G/L.
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