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Project Cost & COGS & Revenue

in Project Management

Summary:

Dear All,

I have a scenario that I'm trying to get the focus on:

I'm buying material to a project/task. Perform manufacturing activities and ship off the assembly to a project sales order. My understanding of the financial transactions are:

Buying Inventory to Project (Debits Inventory Valuation) collected cost to projects 100AED use inventory project (50AED) and labor (50AED) and common stock (20AED) and complete/close the Work Order (Projects get another 70AED Cost) and inventory valuation debited another 70AED → 170AED Inventory Valuation and 170AED project cost

When I ship off the Sales Order Line for that assembly, Oracle will credit the inventory for (50AED 50AED 20AED) = 120AED and debit the project clearing account.

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