When a cost transaction is posted, the Work in Process (WIP) account is debited. Revenues and costs are recognized when the project is billed. This accounting method is for Time and Materials projects only. For example, the Cost of Goods Sold account is debited when cost transactions are posted. Revenues and costs are recognized when cost transactions are posted. Each method has different effects on projects, specifically for revenue recognition and of the amounts to be recognized. Several different accounting methods are available in Project Accounting. ![]() This article describes the different accounting methods and theirs effect on revenue recognition in Microsoft Dynamics GP Project Accounting.Īpplies to: Microsoft Dynamics GP Original KB number: 857542 Introduction
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