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Administrator Guide
Last Updated: 2023-06-23
Steps: Recognize Revenue for Percent Complete

Steps: Recognize Revenue for Percent Complete

Review setup considerations for percent complete revenue recognition.
Workday enables you to calculate and recognize revenue automatically using the percentage of completion accounting method for fixed fee projects. You can incrementally recognize revenue for your projects as you complete your work.
  1. Configure the
    Percent Complete Project Event
     business process and security policy in the Customer Contracts and Project Billing functional areas.
  2. Select:
    • Fixed Fee Project
       from the
      Line Type
       prompt.
    • Deferred
       from the
      Revenue Treatment
       prompt.
    • A project from the
      Billable Project
       prompt.
    The project task must include estimated hours when you want to recognize revenue as a percent complete by hours.
  3. Select
    Percent Complete
     from the
    Revenue Recognition Method
     prompt.
  6. Accrue revenue for approved billable transactions before you invoice customers.