Learn about Redwood and be one of the first to join the conversation

Visit Redwood Community
Record cost accrual using billing events / WIP Accounting in Projects — Cloud Customer Connect
You're almost there! Please answer a few more questions for access to the Applications content. Complete registration
Interested in joining? Complete your registration by providing Areas of Interest here. Register

Record cost accrual using billing events / WIP Accounting in Projects

Received Response
11
Views
1
Comments

Summary: In WIP accounting / revenue-based COGS accrual scenario, have you come across the requirement to record accrual entry (reversing expenditure type) for the difference between actual / WIP cost amount and COGS amount (POC * Cost Forecast or Budget)?

Content (required): We are planning to use Project Project Configurator for WIP accounting / revenue-based COGS accrual use-case in Projects; whereby we are able to generate these 3 events: Revenue, COGS, Contra COGS as per Oracle's documentation.

But in addition to above 3 events, we also have a requirement to record accrual entry (reversing expenditure item) for the difference between actual cost (ITD cost charged to WIP) and COGS (percent complete * cost forecast). Have you come across similar requirement? Looking for inputs on how to meet this requirement or any workaround.

Howdy, Stranger!

Log In

To view full details, sign in.

Register

Don't have an account? Click here to get started!