Project invoicing and revenue journal entries

External customer and grant account setup: combined invoicing and revenue recognition


Revenue Recognition	Funding Source	Action	Entry	Account	Chart Section	Account Type
Combined	External customer or grant	Journalize Invoice	Debit	AR	Balance Sheet	Asset
			Credit	Revenue	Income Statement	Revenue

External customer and grant account setup: separate invoicing and revenue recognition


Revenue Recognition	Funding Source	Action	Entry	Account	Chart Section	Account Type
Separate	External customer or grant	Journalize Invoice	Debit	AR	Balance Sheet	Asset
			Credit	Billed/Unearned or Earned/Unbilled	Balance Sheet	Asset or Liability
Separate	External customer or grant	Journalize Revenue	Debit	Billed/Unearned or Earned/Unbilled	Balance Sheet	Asset or Liability
			Credit	Revenue	Income Statement	Revenue

Internal funding account setup: combined invoicing and revenue recognition


Revenue Recognition	Funding Source	Action	Entry	Account	Chart Section	Account Type
Combined	Internal	Journalize Invoice	Debit	Revenue Offset	Balance Sheet
			Credit	Revenue	Income Statement	Revenue

Internal funding account setup: separate invoicing and revenue recognition


Revenue Recognition	Funding Source	Action	Entry	Account	Chart Section	Account Type
Separate	Internal	Journalize Invoice	Debit	Revenue Offset	Balance Sheet
			Credit	Revenue Clearing	Balance Sheet
Separate	Internal	Journalize Revenue	Debit	Revenue Clearing	Balance Sheet
			Credit	Revenue	Income Statement	Revenue

Note: Financials does not support changing the status of processed or historical transactions. Tools are provided to correct the entries with an audit trail. You must copy or reverse transactions and back out the negative billed to the original funding source. Then re-post the original entries and bill under the new funding source. Use the copy journals action and select reverse signs to select the journals to adjust. Copy the entry and reverse the signs to back out revenue and billing by running the credit entries. This action will zero out the billing and revenue. Correct any incorrect setup information. Copy the journals and re-process.