Project invoicing and revenue journal entries
External customer and grant account setup: combined invoicing and revenue recognition
Revenue Recognition | Funding Source | Action | Entry | Account | Chart Section | Account Type |
---|---|---|---|---|---|---|
Combined | External customer or grant | Journalize Invoice | Debit | AR | Balance Sheet | Asset |
Credit | Revenue | Income Statement | Revenue |
External customer and grant account setup: separate invoicing and revenue recognition
Revenue Recognition | Funding Source | Action | Entry | Account | Chart Section | Account Type |
---|---|---|---|---|---|---|
Separate | External customer or grant | Journalize Invoice | Debit | AR | Balance Sheet | Asset |
Credit | Billed/Unearned or Earned/Unbilled | Balance Sheet | Asset or Liability | |||
Separate | External customer or grant | Journalize Revenue | Debit | Billed/Unearned or Earned/Unbilled | Balance Sheet | Asset or Liability |
Credit | Revenue | Income Statement | Revenue |
Internal funding account setup: combined invoicing and revenue recognition
Revenue Recognition | Funding Source | Action | Entry | Account | Chart Section | Account Type |
---|---|---|---|---|---|---|
Combined | Internal | Journalize Invoice | Debit | Revenue Offset | Balance Sheet | |
Credit | Revenue | Income Statement | Revenue |
Internal funding account setup: separate invoicing and revenue recognition
Revenue Recognition | Funding Source | Action | Entry | Account | Chart Section | Account Type |
---|---|---|---|---|---|---|
Separate | Internal | Journalize Invoice | Debit | Revenue Offset | Balance Sheet | |
Credit | Revenue Clearing | Balance Sheet | ||||
Separate | Internal | Journalize Revenue | Debit | Revenue Clearing | Balance Sheet | |
Credit | Revenue | Income Statement | Revenue |
Note: Financials does not support changing the status of processed or historical transactions. Tools
are provided to correct the entries with an audit trail. You must copy or reverse
transactions and back out the negative billed to the original funding source. Then
re-post the original entries and bill under the new funding source. Use the copy
journals action and select reverse signs to select the journals to adjust. Copy the
entry and reverse the signs to back out revenue and billing by running the credit
entries. This action will zero out the billing and revenue. Correct any incorrect setup
information. Copy the journals and re-process.