Projects Billing
I would like to know how the following requirement can be mapped in oracle projects billing with the same accounting. Also pls let me know this can be handled with standard or through some customization.
Project Estimated Cost = 2,000,000 AED
Project Contract Revenue = 3,500,000 AED
Assuming 10% of Advance paid to the Project: 350,000
Assuming retention will be 10% on the project
*******************************************************************************
1. On 01-Jan-12 (Advance Received from the Customer)
Advance Amount = 350, 000
At the time of Invoice Generation & interfaced to Oracle Receivables
Accounting Entry from the System
Dr Receivable 350, 000
Cr Advance Account 350, 000
*******************************************************************************
2. On 31-Jan-12 (20% of the work is completed)
Total of work done: 700, 000 (a)