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Standard accounting entries for Project invoice and REvenue

in Project Management 5 comments

Summary:

Hi ,

I would like to understand the standard accounting entries , once the contract is created and when tried to generate revenue first.

  1. I understand Dr. Unbilled receivables / Cr. Revenue

When tried to generate Invoice first , is it that Dr.Receivables /Cr. Defered Revenue account or will the Revenue account is credited?

and when first invoice is generated then later if it tried to generate revenue will still the accounting entries will be Dr. Unbilled Receivables and Cr. Revenue account.

Please Advise.

@Perry L Unrau-Oracle@Pradeep Balakrishnan@Zaheer Ahmed-Oracle

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