Accounting Entries in Project Billing to Receivables Cycle

We are using EVENT/EVENT distribution method and are creating events from a feeder system to Project Billing. These events are accounted, revenue is transfered to GL and Invoices are interfaced into Receivables. Can any of you let me know the accounting entries and the stages at which accounting will happen.

Hi
Supplier invoice debit an account XXXX. This should be a CIP account (construction in progress), which is an Asset type account in GL.
When you capitalize the project, the system is populating the mass addition 'clearing account' field with the account debited by Projects (in your case, by AP). This will be the XXXX account.
The Expense Account should be the account you intend to charge periodic depreciation costs.
The Asset Account should be the account you intend to charge the value (the cost) of the asset in GL balance sheet.
Both, expense and asset, accounts are derived from the asset category.
If you have not defined asset categories, the system will use the default accounts from the system implementation setup.
Usually when you create an asset in Projects, before capitalizing, you are expected to setup the asset category. Asset category derives accounting and depreciation method.
Dina

Similar Messages

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    > Total Questions:  494 (232 unresolved) 
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  • Accounting Entries in Project Asset Capitalization Process

    Hello Dina,
    Can you explain the accounting entries for capital projects for the scenario mentioned in the below points ?
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    Cr - Supplier Liability Account
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    Hi
    See my response on your later post.
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    Edited by: Nagamohan on Oct 2, 2008 6:11 PM

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    Hi
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