Project Accruals

The software automatically tries to show you where revenue has been or will be earned. You can see this information in the Revenue Forecast report. This is available from the Project's "Reports +" tab - and is labelled "Revenue Forecast".

If you are not confident that the revenue spread is correct, you can make manual adjustments. 

Built in to iCFM is a method for setting up accruals on your Projects. The Accruals tool will adjust the value of Yield (Revenue) within a period of time, so that when reporting it will match the accrual amount.

The values are spread consistently over all the associated Service records, so that any reporting will accurately reflect how much revenue to associate with the services performed in the accrual period.

Accruals are set for each period, which is typically a month. The values are not-cumulative, so when specifying them, be sure to specify the amount you want for the period between the last accrual and the one you are setting - not the overall accrual value.

Adjustments made will push any discrepancy out to all future months. The cumulative total will always remain (approximately) the same.

Before adding accruals, it is important to know that setting them up does not prevent a user making changes to the data within that accrual period. This is not a lock - just a way of adjusting financial data for a period (which we assume is already closed).

To add Accruals to your Project:

1. Open the Project
2. Click the "Billing +" tab.
3. Select "Accruals"
4. A new page will appear with the options: Date, Amount and Comment.
5. Select the date you wish the Accrual to run up to.
6. Enter the amount you wish to accrue.
7. Enter a comment (optional).
8. Click the blue "Save" link.

At this point, the system will tell you if there are any Pencil jobs prior to the date you selected. It will not prevent you from making the Accrual, but this serves as a notification that you are likely to have changes made to the data in that period. 

Ideally, you should make sure that your data is maintained properly. We recommend making sure that:

1. All old Pencils are Cancelled.
2. All old Confirmed jobs are Completed and Costed (or No-Charged)

This should set you up for the fewest possible changes in old data.

Check back on the Revenue Forecast report to see how the revenue has been shifted.