Revenue Recognition in PPM and corresponding Cash Receipt in AR modules
Summary: Revenue Recognition in PPM and corresponding Cash Receipt in AR modules
Content (required): We are trying to understand the best practice around Revenue Recognition process of PPM and creating a Cash Receipt of Project Bill (transferred to AR). For example, we create a $10K project bill (As Billed Revenue Plan) and transfer it to AR. The project bill date is 01/01/2023 and payment term is Net 30.
Now, the customer/sponsor pays that bill and sends payment after 30 days. We would record the cash receipt and apply it against PA Invoice in AR. We would also run Revenue Recognition process in PPM against Project Invoice at the same time.