Creating Job Revenue Journal Entries

If you have any jobs that are excluded from RPO, for example, fixed asset or warranty jobs, the revenue entry ignores those jobs and any balance they may leave in the accounts. See Excluding a job from POC/RPO.

You must close the fiscal period prior to building and posting the revenue entry for the fiscal period. For more information on closing periods in Job Cost, see Closing a Period or Month.

If any periods were closed and re-opened prior to building the revenue entry, you may find discrepancies between the information that prints on your Revenue Edit List (before closing the period again) and the information that prints on your Revenue Entry List (after closing the period again).

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.

1. Select Transactions > Job Cost > Job Revenue Entry.
2. Complete the following fields:
   • Description
     Enter a Description to appear on posting reports identifying the revenue journal entry.
   • Year
     The fiscal year corresponding to the year in which you post the revenue entry appears as the default. You can change the year.
   • Period ID
     Enter a period ID. A transaction date showing the last date of the fiscal period displays. The job revenue journal entry reverses automatically on the first day of the next fiscal period. The reversing date also displays.
3. Select Build to build the Revenue journal entry. You must build the entry before printing an entry list to verify the accuracy of the transactions. The Build button changes to Post.
4. When the build process is complete, select File > Print to print the Revenue Entry List. Costs, Contract Earned, and other totals for jobs that are excluded from the revenue entry do not appear in the division or grand totals on this report. Unless you are using a separate division with separate accounts for non-RPO jobs, excluding jobs from revenue entry may be the reason for a discrepancy between the totals on the edit list and the balance in your accounts.

5. If the entry list is accurate, select Post to post the job revenue entry. You can print a posting journal when the posting completes. 

   

   If you close the Job Revenue Entry window without posting, a message displays asking if you want to post or remove the build. You will need to run the Build process again if you select to remove the build.

If you marked Post through the GL option in the Posting Options window, the job revenue entry posts through the general ledger. If you did not mark the option, you must post the batch in the general ledger to update posting accounts in that module.