Project COGS question

Hi Dina,
We have the following situation: -
This is about a barge construction scenario - say, there is a contract of building 10 barge. We create one master project and 10 child project for each barge. Costs get collected over the period time against each project and accounting entries are made. Costs will go to WIP account.
Once say a barge is ready to be delivered, the costs for the corresponding project should be charged against cost of goods sold account.
How can we achieve this?
Please help me.

The solution could be based on Revenue Based Cost Accrual method described on Projects Billing User Guide.
The basic setup is as follows;
Create two event types, one is called "credit wip" and the other is called "debit cogs".
Setup Auto Accounting rules so the credit account of the events will be based on event type. The "credit wip" event type should be map to a GL account that offset the project WIP account. The "debit cogs" event type should be map to a GL account that is considered Cost of Sales.
When barge is delivered and you generate invoice and revenue for that item, you will need to enter also a pair of additional events. One event of type "credit wip" for the amount of total cost incurred on the project. The second event will be of type "debit cogs" and its amount should be negative amount of the first event. As a result, accounting will move project cost from WIP account in GL to COGS account in GL during the same period your project earns its revenue.
I have described the process as a manual procedure. You might consider automating that by developing your own billing extension, or utilize Oracle delivered extension for Revenue Based Cost Accrual.

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