Recommendations for invoicing and revenue

Large volumes of transaction data

For large volumes of transaction data, we recommend that you run the Generate Contract Invoices action and the Recognize Contract Revenue action for a single project contract. The mass action is not recommended.

If you anticipate large volumes of transaction data, then run actions for one posting period at a time using the posting date range fields. You can append each additional period of transaction data to the same invoice or you can create separate invoices by period.

Mass transaction hold action

To limit the transaction set, use the Mass Transactions Hold action to place transactions on hold before invoices are generated or revenue is recognized. For example, labor distribution corrections where you have transactions that have been distributed, adjusted, reversed, or redistributed.

Selection groups

Create project contract selection groups, for example, all active contracts, all milestone billing contracts. You can also use the project contract type field to create groups of contracts to process.

Miscellaneous

  • Run the journalize actions and correct any GL account validation issues.
  • Avoid running the actions to determine what to bill or what to recognize. Instead, run with expected results.

Funding sources begin or end mid-month

Grant-sponsored projects can have different funding sources for each year of a grant. A Funding Source Date is required on the Generate Contract Invoices and Recognize Contract Revenue actions to determine whether this information is valid for the specified date:

  • Funding sources
  • Milestones
  • Installments
  • Advances
  • Retainers

You can generate lagged invoices and recognize revenue after the funding source has expired.

When the end date of the funding source occurs mid-month, transactions can be missed if you run the actions en masse for the month end date. You must run the Generate Invoices and Revenue Recognition actions by contract for project contracts where funding ends or begins in the period.

Verify that all transactions are processed

  1. Run the Generate Contract Invoices action and the Recognize Contract Revenue action en masse each month.

    The end date of the funding source is the month end date. Draft transactions are created based on the funding source that is in effect for the month end date. Most of the project contracts, funding sources, and transactions are included using this method.

  2. Search the Project Funding Sources from the Project Contracts menu to determine if any project funding sources begin or end in the current month. Use the date range find the project contract funding sources that end in the current month. The end date column contains a yellow alert if the funding source is expired or expires in the next 30 days.
  3. For project contracts with funding sources that end mid-month, run the Generate Invoices and Revenue Recognition actions by contract. Use the funding source end date to include transactions for the beginning of the month.
  4. To validate that all transactions are generated or recognized for the month, use these reports:
  • Project Contract Revenue To Expense Variance. Use this tab to find revenue variance for the period. No variances means that all expenses are recognized.
  • Project Contract Transaction Detail. Use the search to find the transactions processing status for billed and revenue recognition transactions. Search by project contract, billing method, revenue method, and date range.