Submitting contract revenue by contract for approval

If the enterprise project structure is set to approve revenue recognition, then an action to submit for approval is displayed. This action changes the approval status to Submitted For Approval. The status of the record remains in a Created status. After the record has been submitted for approval, the approver can approve or reject the records. When approved, the record approval status is changed to Approved. When rejected, a Comments window is displayed. The approver must specify an explanation for the rejection. This explanation appears in the body of the email that is sent for the record. Rejecting a record changes the approval status to Rejected. If one record is rejected, the entire group is rejected. The record can be deleted or corrected and then resubmitted for approval. After the records are approved, then the action to journalize can be run. All records in the run group must be approved before journalizing.
  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 > Submit Revenue For Approval.
  5. Specify this information:
    Run Group
    Select the contract revenue group to journalize. Only run groups with a status of Created are displayed.
  6. Click Submit.
    The approval status of the revenue is Submitted For Approval and the status is Created. No changes can be made to the revenue.

    The approver either approves or rejects the revenue. If the revenue is rejected, a comment is required to explain the rejection. The comment is displayed in the body of the email. The rejected revenue has a status of Created and the approval status is Rejected. The revenue can either be deleted or corrected and resubmitted for approval. If one record in the run group is rejected, all records for the run group are rejected.

    If the revenue is approved, the approval status is updated to Approved. The records are now ready to journalize.