Time and Materials Rule

Details:

Each entry type row displays the sum of all approved billable entries of that type that are within the Project Start date and the accrual batch date (inclusively). A single summary entry is displayed for the Project.

  • Time type: Displays the total amount of approved billable time entries recognized within the batch interval, in client currency (converted using the exchange rate on the batch date) for that project.
  • Expense type: Displays the total amount of approved billable expense entries recognized within the batch interval, in client currency (converted using the exchange rate on the batch date) for that project.. The amount excludes taxes but includes tips and markup.
  • Charge type: Displays the total amount of approved billable charge entries recognized within the batch interval, in client currency (converted using the exchange rate on the batch date) for that project.
  • Product type: Displays the total amount of approved billable product entries recognized within the batch interval, in client currency (converted using the exchange rate on the batch date) for that project.
  • If the amount to recognize for an entry type is 0$, that entry still appears in the grid. The WIP and revenue accounts are taken from the project’s Time and Materials section. If no accounts are defined for a specific entry type, the project’s WIP and revenue accounts are used.

WIP Accrual Batch Exclusions

This feature prevents entries with an associated revenue recognition schedule from being included in the WIP accrual batch.

  • Approved billable Charge entries that have an associated Revenue Recognition Schedule.
  • Approved billable Product entries that have an associated Revenue Recognition Schedule.
  • Approved billable Time, Expense, Charge or Product entries that are included in a Project level Revenue Recognition Schedule (through the Apply to Time/Expense/Charge/Product entries between Project start/Custom and Project end/Custom option).
  • A Charge entry included in the Batch has a Revenue Recognition Schedule associated to it.
  • The Revenue Recognition Schedule of a Charge entry, that was not included in the WIP Batch because it had a Revenue Recognition Schedule associated, is deleted.
  • A Product entry included in the Batch has a Revenue Recognition Schedule associated to it.
  • The Revenue Recognition Schedule of a Product entry, that was not included in the WIP Batch because it had a Revenue Recognition Schedule associated, is deleted.
  • A Time, Expense, Charge or Product entry that is included in a WIP Accrual Batch becomes included in the Project's Revenue Recognition Schedule (through the Apply to Time/Expense/Charge/Product entries between Project start/Custom and Project end/Custom option).
  • A Time, Expense, Charge or Product entry that was not included in a WIP Accrual Batch because it was included in the Project's Revenue Recognition Schedule (through the Apply to Time/Expense/Charge/Product entries between Project start/Custom and Project end/Custom option) gets excluded from the Project's Revenue Recognition Schedule (either through the entry type change or through the date change).
  • A Charge entry is updated and that entry has an associated Revenue Recognition Schedule.
  • A Product entry is updated and that entry has an associated Revenue Recognition Schedule.
  • A Time, Expense, Charge or Product entry is updated and that entry is included in the Project's Revenue Recognition Schedule (through the Apply to Time/Expense/Charge/Product entries between Project start/Custom and Project end/Custom option).

Note: There will be no changes made to the functionality of the WIP Accrual Batch when a WIP Policy of type Percent Complete or Fixed Price with Average Rate is defined.