Create Percent Complete Configurations for Projects
- Create and approve a billable project with a budget.
- Security:Set Up: Revenue - Percent Completedomain in the Customer Contracts and Project Billing functional areas.
You can create configurations to automate the process of recognizing revenue as a percent complete of cost for your projects, and project plan phases and tasks. The configurations use project cost dimensions to source the:
- Actual cost from journal entries or manual inputs.
- Total estimated cost from billable project budgets or manual inputs.
- Access theManage Percent Complete Configurationsreport.
- ClickAdd.
- Complete the task:
Option Description Estimated Cost FactorSelect the estimated cost factor that matches the plan category on the associated project.When you select 1 of these options, Workday uses these calculations to determine the revenue recognized for the project to date:- Baseline: (Contract Value × Actual Project Cost to Date) ÷ Baseline Budget Cost
- Estimated Budget: (Contract Value × Actual Project Cost to Date) ÷ Estimated Budget from Project Financials
- Forecast: (Contract Value × Actual Project Cost to Date) ÷ (Actual Cost + Estimated Future Cost)
Ledger AccountWorkday sources the actual costs from the ledger accounts you select.The available ledger accounts display based on the project hierarchy associated with the billable project.DimensionSelect the dimensions that match the worktags on the associated journal.ValuesDisplays only top-level phases when you selectProject Phasefrom theDimensionprompt.
Workday uses the configuration to calculate the percent complete by cost for your projects, and project plan phases and tasks.
Review the percent complete for revenue to view the actual and estimated costs for your projects.