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Recognize revenue according to percentage of completion

Many IT companies use Accounting revenue recognition by project (Folio) percentage of completion status and have different accounting approach for recognized and invoiced revenues.

Therefore, kindly asking to consider "small“ but very important update of Tempo Budget

  • Folio Configuration > Accounting > Track revenue:
    add Revenue Recognition according PoC (Percentage of Completion)

where calculation method is

REV(PoC Actual) = REV(Total Planned Revenue) * Cost(Total Cost to date) / Cost(Total Planned Cost) - where, REV(PoC Actual) =< REV(Total Planned Revenue)

Such PoC actual revenue is revenue recognized in financial books and therefore used for profit calculation.

  • Ingi Brown
  • Aug 1 2019
  • Future consideration
Tempo Products Tempo Budgets
Tempo Platform On-Premise
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