Recognizing revenue with the task widget

Ajera estimates your company's revenue based on the revenue methods you apply to projects, phases, and activities. Employees who are authorized to recognize revenue for your company use revenue sessions on the Revenue Recognition tabs to review, edit, and commit estimated revenue.

Before you begin

• Understand revenue recognition.
• Enable revenue methods.
• Assign revenue and cap WIP at contract methods to projects
• Verify that you have access to the Revenue and Revenue Details tabs.

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To view revenue information on the dashboard

1. Click the Revenue Recognition tab.
2. If revenue sessions exist, you can view their corresponding details by clicking the highlighted text in the Description column.
3. On the Revenue page, click the relevant project in the Project List widget. Ajera populates the Revenue Details widget with corresponding revenue information for the selected project.

Note:

Ajera only displays actual revenue, estimated revenue, or committed revenue for projects with a revenue method of Billed, Percent of contract, Formula, Formula + WIP. No revenue amounts appear for a project with a Billed + WIP revenue method.

4. Click to return to the Revenue Recognition tab.

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To edit and commit revenue

1. Click the Revenue Recognition tab on the dashboard.

Note:

Verify that the Revenue tab has been set up to allow edits to the revenue columns and that you have been given access to edit that information.

2. On the Revenue widget, click New and create a new revenue session. Enter the following information and click Create.
   • Descriptive name for the revenue session, typically a month and year
   • Start and end date - if you do not enter a start date, Ajera displays all amounts to date for the project.
   • Accounting date - this date cannot be before the start date, if you enter one.
   • Notes about the revenue session

3. Click to refresh the information. The status of the revenue session appears as Preliminary. At this point, no project details are yet associated with this new revenue session.
4. Click the highlighted revenue session in the Description column to display the Revenue Detail tab.

5. Click the relevant project in the Project List widget. Ajera populates the Revenue Details widget with the corresponding revenue information for that project.

Note:

Ajera only displays actual revenue, estimated revenue, or committed revenue for projects with a revenue method of Billed, Percent of contract, Formula, Formula + WIP. No revenue amounts appear for a project with a Billed + WIP revenue method.

Ajera calculates actual estimated revenue based on the revenue methods you assigned to the project. Ajera populates the Committed Revenue column with the Estimated Revenue amount.

6. You can edit the following columns (highlighted in yellow): Committed Revenue, Revenue % Complete, Project % Complete, and Notes.
7. Adjust the revenue information for all relevant projects for this revenue session. When finished, click .
8. Return to the Revenue tab and click to update the revenue session. If you've made any changes, the status for the session changes to Active.
9. Do one of the following:
   • Click Commit in the Commit column. Ajera creates General Ledger entries for the revenue amounts in the Revenue Details tab. The status changes to Committed.
   • To delete a revenue session, click Delete in the Delete column. If the revenue session has previously been committed, Ajera reverses the committed General Ledger entries and changes the status to Void. You can not edit a Voided revenue session.
   • To uncommit a revenue session, click Uncommit in the Commit column. Ajera reverses the committed General Ledger entries and changes the status to Active, meaning that you can edit the revenue details and commit them again.

Note:

If you determine that you need to edit a committed revenue session in a month previous to another committed session, you must uncommit each session prior to the session you want to edit so that Ajera can reverse the corresponding General Ledger entries. For example, you committed revenue sessions for May, June, and July. You then determine that you need to change the details for the May session. You must first uncommit June and July before you can uncommit and edit May.