Creating percentage of completions

  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 with a revenue method of Percentage of Completion.
  5. Click Contract Information.
  6. On the Project Funding tab, select a funding source.
  7. Select the Revenue Milestones tab and click Actions > Create.
  8. Specify this information:
    Project Milestone
    Specify a name for the milestone.
    Date
    Specify the projected achievement date for the milestone.
    Amount
    Specify the amount that is billed when the milestone is achieved.
    Percent Complete
    Specify the percent complete at which the milestone is billed. The value cannot exceed 100%.
    Status
    Select the status of the milestone.
    • Select To Process to specify that the milestone is complete and will be billed when the milestone date is reached.
    • Select Hold if the milestone is manually controlled instead of date-driven. You are required to remove the milestone before invoicing when this 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.
    Override Project
    Select the posting project to post for the milestone amount.
  9. Click Save.