Generating contract invoices by contract

  • If the revenue recognition method is Combined or Separate, you cannot generate contract invoices if there are any retainer invoices in a Created status.
  • If the revenue recognition method is Separate, you cannot generate contract invoices if there is any revenue recognition in a Created status.
  • When using the invoice and recognition approval workflow, contract invoices cannot be generated if these conditions are met:
    • There is any revenue recognition reversal in a Journalized status.
    • There is a Submitted for Approval status.

When invoices are generated, any contract fees and funding source allowances for the project contract are calculated and added as invoice lines. Any retainers applied are added as credit amount invoice lines.

If the billing method is Rate Table or Time & Materials and units are not specified, the transaction amount plus any mark-up is used for the calculation.

  1. Sign in as Project Accountant, Project Administrator, or Project Manager.
  2. Select Project Contracts.
  3. Select the Contracts tab and open a contract.
  4. Select Actions > Generate Invoices.
  5. Specify this information:
    Posting Date Selection Range, Through
    Specify the posting beginning and through date to select the records. The posting date range is used exclusively for transaction based billing methods: Cost Reimbursement, Cost Plus, Time and Materials, or Rate Table. The expense transactions that are billed must have a posting date that falls within the date range.
    Transaction Through Date
    Specify the transaction through date. If this field is blank, then all the transactions for the posting date range are selected.
    Selection Group
    Select a selection group. Selection group is the business class group that defines the transaction detail records to select for invoicing.
    Funding Source Date
    Specify the date used to determine valid funding sources, milestones, installments, advances, and retainers that are in effect.
    • The installment or milestone must be in a To Process status.
    • The installment or milestone date must be less than or equal to the funding source date.
    • The funding sources must be valid for the funding source date.
    Invoice Date
    Specify the date to use for the invoice date.
    • The invoice date is used for fees and event based billing methods.
    • The invoice date is used to determine posting projects that are valid.
    • The invoice date is the date stamped on the invoice and passed to the tax system to calculate tax.
    • The invoice date is passed to accounts receivables and used to determine the invoice due date.
    • The invoice date is used as the journal transaction date for entries generated by the journalize invoices actions.
    Append to Existing Invoice Group
    This field is displayed only if you have previously created invoices that have not been journalized. You can create a new invoice or add the records to a previously created invoice. When creating a new invoice, this field must be blank. When appending a previously created invoice, select the invoice group for which to add the records.
    Apply Retainers
    Select this check box to apply open retainer invoices to the transactions that are selected for billing. Applying open retainer invoices reduces the amount of the invoice by the amount of the retainer that is applied. The retainer that is applied displays as a negative amount. If the retainer amount is greater than the invoice amount, only the invoice amount is applied as the retainer creating a zero invoice. The balance of the retainer is available for future invoices.
    Project
    Select a summary or posting project level to invoice. When a summary project level is selected, all the children for the summary are invoiced. The default value is blank, which invoices all posting projects and all children for the project contract level. The project applies only to expense transaction records.
    Funding Source
    Optionally, select a single funding source. Funding sources are used to create an invoice by a project funding source. When this parameter is selected, invoices are generated as if the selected funding source is the only active funding source. A funding source that is less than 100% can be selected. When the funding source is less than 100%, the percent is used to create the invoice and the expense is marked as processed. No partial transaction is created.
    Invoice Maximum
    Specify an invoice maximum to bill for a transaction-based billing method. The maximum is spread across all funding sources that are invoiced. If expenses exceed the amount, then a partial transaction is invoiced.
    Print Status
    This field only displays if the Third Party Invoice Print check box is selected on the Options tab of the Finance Enterprise Group. Select the status for the invoice. The print status can be updated on the invoice in a created or journalized status. The third party invoicing system queries the ProjectContractInvoice business class for PrintStatus = Print. This status indicates to the third party to create an invoice.
    Billing Group
    Optionally, select a billing group. Only funding sources with the billing group are invoiced.
  6. Click Submit.
    You can view the created invoice by selecting the Invoices tab.