Skip to main content
Documentation
Documentation
Administrator Guide
Last Updated: 2023-06-23
Review Percent Complete Calculations for Revenue Recognition

Review Percent Complete Calculations for Revenue Recognition

  • Project manager must approve time logged against the project in Time Tracking.
  • Configure the
    Percent Complete Project Event
     business process and security policy in the Customer Contracts and Project Billing functional areas.
Percent complete calculations enable you to recognize revenue on a project as it progresses. You can approve your percent complete revenue recognition before generating the revenue installments.
  1. Access the
    Review Percent Complete for Revenue
     task.
    Select a
    Transaction End Date
    . You can also select multiple customers, projects, or a project hierarchy to review and edit transactions at once. Workday groups the contract lines by projects into 1 row.
  2. Select the rows that you want to change the revenue amounts.
    If a row has more than 1 contract line, click the number in the
    Contract Lines
     column to edit revenue amounts for individual contract lines. As you complete the task, consider:
    Option Description
    Actual Percent Complete
    Workday calculates this value from the
    Review Percent Complete for Project
     task by either:
    • The
      Cumulative Hours Worked
       divided by the
      Estimated Hours at Complete
      .
    • The
      Actual Cost
       divided by the
      Estimated Cost
      .
    The project manager can override this calculation by manually entering a new estimated hours value.
    Cumulative Revenue to Date
    Workday multiplies the
    Actual Percent Complete
     by the
    Contract Value
    .
    Current Revenue Amount
    Workday calculates the difference between the
    Cumulative Revenue to Date
     and
    Cumulative Revenue Recognized to Date
     values. You can override this amount.