Recognizing revenue for time entry

This is kind of a hybrid projects/accounting question.

We have encountered a situation where there is a requirement to recognize revenue for time upon approval of that time prior to invoice generation.  For example, a consultant enters 10 hours on his or her time sheet at their billing rate is $150/hour.  Once this consultant's supervisor approves the time sheet, we need the following entry:
DR WIP    $1,500
CR Consulting Revenue   $1,500

At some future point, we want to invoice the customer and have NS make this subsequent entry to reverse WIP:
DR Accounts Receivable    $1,500
CR WIP   $1,500

This all works beautifully with revenue commitments in rev rec, but the problem is that functionality works based on an SO entered and subsequently invoiced, not on an approved time sheet.  Work flow wise we know NS out-of-the-box won't do what we need, BUT it has all the pieces we need to accomplish it.  We are reviewing options via scripting, but I wanted to put this out to the community at large to see if any of NetSuite's wonderful customers has this requirement and how it was addressed.