Creating milestones

  1. Select Financials > Project Ledger > Setup > Project Setup.
  2. Select the Structure tab.
  3. Open a project structure and select the Hierarchy tab.
  4. Open a summary contract project and click the Contract Information link.
  5. On the Project Funding tab, select a funding source.
  6. Perform one of these steps:
    • To create a billing milestone, click the Billing Milestones tab and click Actions > Create.
    • To create a revenue milestone, click the Revenue Milestones tab and click Actions > Create.
    • To create a billing milestone override, click Actions > Create Billing Milestone.
    • To create a revenue milestone override, click Actions > Create Revenue Milestone.
    Note: If the contract billing or revenue method is not Milestone, then the milestone tabs are not available. You must create a milestone override.
  7. Specify this information:
    Project Milestone
    Specify a name for the milestone.
    Date
    Specify the date that the milestone is projected to be achieved.
    Amount
    Specify the amount that is billed when the milestone is achieved.
    Status
    Select the status of the milestone.
    • Select To Process to specify that the milestone is complete and is billed when the milestone date is hit.
    • Select Hold if the milestone is manually controlled instead of date-driven. You must remove the milestone before invoicing when the hold status is used.
    • Select Historical to track a milestone that occurred before data was migrated to Project Ledger. Project Contract and Project Funding Source totals invoiced and recognized balances are updated by historical milestones.

    The status is changed to Draft after the milestone invoice is generated. The status is changed to Processed after the milestone invoice is journalized.

    Override Project
    Select the posting project to post for the milestone amount.
  8. In the Revenue Finance Structure section, complete the form.

    This section is available if one or more of these conditions are true:

    • The milestone is an override milestone.
    • The revenue recognition method on the contract is Combined.
    • The revenue recognition method on the contract is Separate and the milestone is a revenue milestone override.
    • The revenue structure on the funding source is Partial.
  9. Click Save.