Lastly, if you want to start using the Revenue Scheduling tool but you haven't been closing months previously in CMAP, we recommend that you draw a line at a certain point in time.
It might be the end of the last month, and depending on your chosen Historic Options you can do the following:
- Update all of your %'s on the Project's (using the sliders on the Budget vs Actuals page) to the end of the first month you are going to close. When you close the month, all of the value of the project up to that % complete will be recognized in the month that you close.
|if your $10,000 project has a % complete of 50% at the end of the month you decide to close, $5,000 will be recognized in that month with nothing recognized prior to it.|
After this if you do this as a monthly exercise, the monthly recognized values will be calculated correctly month on month.
|next month if the same project has a % complete of 75%, we will have recognized $5,000 last month and $2,500 the following one.|
- You won't need to do anything for invoiced revenue as CMAP will already be able to calculate the amounts which can be recognized in each month using the existing invoice data.
- you can enter the individual amounts to be recognized into each month and then close the month and these will then be locked in, alternatively you could just enter the total amount recognized to date into the last month to be closed and similar to the % complete method, this would then calculate correctly each month going forward as you continue to close the months.
I hope you found this a helpful guide, there are further updates to come on Revenue Scheduling in CMAP which we will keep you updated on.
As ever, if you do have any questions, please contact our CMAP support team on 01625 521 000 or firstname.lastname@example.org and they will be happy to help you.