Setup Requirements for Percent Complete Revenue and Invoicing
To generate revenue or draft invoices using percent complete, you must complete the following steps:
Billing Extension:
- You must create two event types with the event class automatic (one for revenue and one for invoicing), and associate each with one of the following predefined billing extensions, depending on whether you are generating revenue or invoices:
- Percent Complete Invoicing
Project Setup:
- The revenue distribution rule for the project must be one of the following rules:
- Use the Event/Work rule if you want to accrue revenue based on percent complete.
- Use the Work/Event or Cost/Event rule if you want to generate invoices based on percent complete.
- Use the Event/Event rule if you want to both accrue revenue and generate invoices based on percent complete.
- You must enter percent complete at the funding level.
- The billing extensions are predefined to be assigned to the project (Project Specific attribute = Yes). If you want to assign an extension to the project type, you can make a copy of the predefined extension and then change the Project Specific attribute to No. You then assign the extension to the appropriate project types. You may also want to deactivate the predefined extensions by setting the end date.
