Recognizing contract revenue by contract group
This process is only available for project contracts with Revenue Recognition of Separate.
You cannot recognize revenue if draft invoices exist. If draft invoices exist, they must be either journalized or deleted to recognize revenue. The action to recognize revenue is not available if there are invoices in Created status. The action is not available to prevent creating incorrect entries for billed/unearned and earned/unbilled. When recognizing revenue, any contract fees and funding source allowances for the project contract are calculated and added as invoice lines.