Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 606 FASB ASC 606 states that an entity shall recognize revenue when (or as) the entity satisfies a performance obligation by transferring a promised good or service (i.e., an asset) to a customer. If you are required to recognize revenue based on this standard, you can do…
Category: Jobs/Project Management
Include job deposit in final invoice
Problem: We use jobs in Business Central and require a percentage of the total job as a deposit paid prior to start. At the end of the job, we send an invoice for the balance with itemized detail at the end of the job. We want the details from the billable job planning lines to…
In Jobs, pay incrementally for a service billed as a lump sum to you and to your customer
Problem: Using Jobs in Business Central, how do I account for receiving and paying for services as they are incrementally incurred when the vendor has quoted a lump sum and the customer needs to be invoiced a lump sum? The current job setup used is with one Budget and Billable line, a Qty of 1…
