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The word 'Estimates' have always been confusing for clients when is introduced to them first time. In addition a lot of clients use 'estimate' to actually mean the 'quotation'. 


Now that the fasttab which holds the estimate have been renamed to 'Revenue recognition' it will be appropriate to start extending the renaming of the underlying objects as well. 


 



  • On the MANAGE tab, the 'Estimates' link can be renamed to 'Recognise revenue'

  • Once clicked and the 'Estimates' form itself is open, that 'Estimate' form can also be renamed to 'Revenue recognition'. 


 


Then maybe we can explore making the following changes as well:



  • Estimate date > Revenue recognition date

  • Estimate status > Revenue recognition status

  • Estimate project > Revenue recognition project


 

STATUS DETAILS
Under Review
Ideas Administrator

Thank you for your feedback. This is a great suggestion! We will consider this in our roadmap.

Sincerely,

Kim Nelson

Program Manager, Project management and accounting

Microsoft 

Comments

K

Please just re-design this whole functionality. it is so clunky and confusing right now.
Surely there is a way to process revenue and cost recognition in a way that does not require a super expert consultant to figure out the setup.
The accounting is not rocket science in this case, so there is no reason the functionality is so complicated.

Category: Project management

K

I agree with Kofi .


It is really confusing to users the word" Estimate" in relation to revenue recognition.

Category: Project management

K

Kofi, I agree.

Category: Project management

K

I think the name came from the fact that the first thing you do with an Estimate is "estimate the completion" of the WIP project (either FP or Investment). Then, depending on the current estimate and previous estimates, you either recognise revenue, post provisions for losses, post elimination to fixed assets...


So, even though revenue recognition is one of the things an estimation does, it is not all it does, so I think it should still have a different name...

Category: Project management

K

We call it Revenue Recognition as well.  AX would probably say it is a Revenue "Estimate" for Revenue Recognition.  But I generally agree.  The name is not the greatest.


AX has an "accrue revenue" periodic process for Time and Material projects already.  Maybe they think this would be confused with "recognize revenue". (???).


Once you get used to it, it is OK.  But it certainly isn't intuitive.


Jasmine raises a good point.  We don't use the Investment type of project but I could see how changing the name would actually not work for this situation.

Category: Project management

K

I agree as well.  This is extremely confusing to users.  I am a CPA and I can vouch that in the US specifically, "Revenue Recognition" is the correct term.  "Estimates" is not the proper term for GAAP.

Category: Project management

K

I agree this is confusing. So added my vote here too.


We also need to consider though is for the Investment type of project where you also need to create the "Estimate" to capitalize the project costs without recognizing revenues. This is a shared feature/form.

Category: Project management