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• The Total Revenue code transaction price amounts for a job cannot exceed the job's Expected Contract amount.
• To track costs only, you can create a $0.00 revenue code. An example would be warranty costs. The costs from the cost codes assigned to that revenue code will be included in the revenue GL entry after the revenue code has been marked 100% complete.
• A job cannot be closed if there are cost codes on the job that have yet to be assigned to a revenue code.
• For revenue to be recognized on a Performance Obligation Contract, the Original Transaction Price on the Job Revenue Codes window must be populated the same month.

Creating a

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revenue code

1. On the Job Maintenance window, choose Revenue Code. 

   Note
   The Revenue Code button is disabled if you chose POC Revenue Recognition in Posting Options window.

   
   

2. Complete the following fields, as needed:
   • Job
     Displays the job information.
   • Included on CO
     Mark to include the Revenue Code on the change order.
   • Revenue Code
     Enter the Revenue Code. This field has a string length of 26. You can also add a note to this revenue code.
   • Description
     Enter a description for the Revenue Code.
   • Revenue Type
     Choose the Revenue Type.
     • Point in Time
       Revenue can only be recognized once (100% complete).
     • Over Time
       Revenue can be recognized incrementally over a period of time.
   • Scheduled Start/Completion Date
     Enter or choose the Scheduled Start and Completion Dates.
   • Actual Start/Completion Date
     Enter the Actual Start and Completion dates.

   • Original Transaction Price
     Enter the original transaction price. 

     Note
     For revenue to be recognized on a Performance Obligation Contract, the Original Transaction Price on the Job Revenue Codes window must be populated the same month.

     
     

     • Fixed Amount jobs
       The Original Transaction Price is entered when the Revenue Code is created. Once saved, the amount cannot be edited unless you enter the password used to edit a job's contract amount. A Fixed Amount job can have multiple Revenue Codes assigned.
     • Cost Plus jobs
       This field is not editable. The Original Transaction Price amount increases as costs and/or units are posted to the cost codes assigned to the Revenue Code based on the Profit Types and Profit Amounts on the cost codes. A Cost Plus job can only have one Revenue Code assigned. The cost codes on the job are auto-assigned to the one Revenue Code.
     • Cost Plus NTE jobs
       This field is not editable. The Original Transaction Price amount increases as costs and/or units are posted to the cost codes assigned to the Revenue Code based on the Profit Types and Profit Amounts on the cost codes. The Expected Contract amounts do not exceed the NTE amount. A Cost Plus NTE job can only have one Revenue Code assigned. The cost codes on the job are auto-assigned to the one Revenue Code.
   • Change Order Transaction Price
     This amount displays from the Change Order.

   • Expected Transaction Price
     Displays the total of the Original Transaction Price + Change Order Transaction Price. 

     Note
     The Expected Transaction Price amount must total the Expected Contract amount for the job.

     
     

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