You know what I am talking about. The "estimated" revenue is always posted in the local accounting currency.
- If a "Percentage of Completion" or a "Completed Contract" fixed fee project has 2 milestones where the second milestone is billed at the end upon the project acceptance,
- and the Project contract currency <> Accounting currency,
- and the project duration is more than one month (or whatever frequency is chosen to import exchange rates),
...then the revenue and the billing amount are never going to match, neither the Billed WIP and Recognized WIP balance accounts.
Comments
This is highly appreciated! Solution should calculate invoiced based on the exchange rate of the invoice instead of using the present Exchange rate or the rate registered on Fixed rate agreement on Project contract.
Category: Project Revenue Recognition
FYI: we've implemented it now on our project in the FF-CC and FF-POC cases with the help of the MSFT Global Delivery teams in Hyderabad, it required a lot of overlayering.
Category: Project Revenue Recognition
Annette Bruer (administrator) on 5/6/2019 3:31:50 PM
Thank you for your feedback. Currently this is not in our roadmap; however, we are tracking it and if we get more feedback and votes, we may consider it in the future.
Sincerely, Annette Bruer, PM
Microsoft