Revenue Recognition Basic Data and Requirements—Exercises
IMPORTANT |
It is extremely important that you set up and work within your own
company to maintain your data integrity. If you work within any other
company, your exercises will not function as intended and the data of other
students might be affected. Predictable exercise results require that your
data is isolated in your own company. |
Main Exercises
Purpose: The purpose of this lesson is to familiarize you
with the basic data and requirements for the Revenue Recognition process.
Windows:
Revenue Recognition Basic Data
-
Validate that all information
is complete and that Recognition Period is set to Ordinary.
Posting Control Information
Windows:
Posting Control
-
Enter the following posting
control information:
Posting Type |
Code Part Name |
Control Type |
Default Value
No Details |
GP12 |
Account |
AC1 |
Any revenue account |
GP13 |
Account |
AC1 |
Any cost account |
GP14 |
Account |
AC1 |
Any accrued income account |
GP15 |
Account |
AC1 |
Any accrued costs account |
-
Save.
Windows:
Project
-
Open the
Project
window.
-
Specify the information for
a new project. In the Project Type list, click Capitalize Rev/Exp. In the Revenue
Recognition Method click POC Income-First.
-
Switch to the
Revenue Recognition
Information tab.
-
In the POC Method list,
click Actual Costs and in the Revision Accounting list click Catch Up
-
Save.
Windows:
Voucher Entry
-
Open the
Voucher Entry window.
-
Enter vouchers for the project
using cost accounts related to two adjoining accounting periods.
Windows:
Update GL Vouchers
-
Open the
Update GL Vouchers
window, and check the default values.
-
Click OK to start the
updating routine.
-
Open the
GL Update History window. Make sure that
all vouchers have passed the controls in the updating routine.