The example below is Bill on Completion with Revenue Recognition based on autocalculated % complete. Unanet offers the option in the Fixed Price item set up to designate a billing date, or, to indicate that the item should be "Billed on Completion". If you elect to set the FP item to be "Billed on Completion", then "Completion" is determined by setting 2 fields on the Project/Task Budget tab: "Completed Date" and "Completed Percent". You also have the option to leave the "Completed Percent" field blank during the life of the contract, thereby allowing Unanet to autocalculate the Completed Percent. If you elect to have Unanet autocalculate the Completed Percent, then at the end of the contract when you are ready to bill you must key in 100% in that field as your signal that in fact the project is completed and ready to be billed. This prevents any unexpected billings appearing without your authorization.
What’s covered in this document:
- Set up the project for Billing including invoice set up and FP items.
- Hours are charged in timesheets
- The Bill/Revenue Post process is run.
- Again, hours are charged in timesheets
- Again, the Bill/Revenue Post process is run.
- Contract is completed and authorized person indicates completion to the Unanet system
- The Bill/Revenue Post process is run again
- Additional Information