Project Operating Revenue Calculation

Hi,

My company has a requirement on the revenue accruval/recognition as below:

Customer Contract Value: 12M with 50-50 Billing Term

Supplier Invoice Value: 10M

Profit: 2M

Assuming the below transactions:

05-Oct-2014 Received PO from Customer on Materials for 12M (Project Agreement)

10-Oct-2014 Placed an order to Supplier on Materials for 10M (Project Commitment)

01-Nov-2014 Received the order from Supplier and Paid 10M (Inventory Receipt and Supplier Invoice)

05-Nov-2014 Delivered the Materials to Customer (Inventory Issue to Project)

05-Dec-2014 Customer Paid 50% of the total Contract Value 6M (Project Billing Invoice)

05-Jan-2015 Customer Paid 50% of the remaining Contract Value 6M (Project Billing Invoice)