For projects where you are Invoicing the actual time spent (Resourced Time & Materials), you might also want to recognise your revenue based on time entries too, and that's where the 'Time Recognition' option comes in.
|Time Recognition is only an option for Resourced Time and Materials projects. You won't see this option in Revenue Scheduling for any other Fee Types.|
As there is an extra step involved in selecting the time entries you wish to recognise, we thought it worthwhile to give a bit more detail on Time Recognition using this guide.
In the Revenue Scheduling area, for any projects which are Resourced Time and Materials, you will see an extra option in the Historic Options dropdown for Time Recognition.
Firstly to set this option for the project, select it from the dropdown list. CMAP will now show a tick next to the selected option.
Then, to select the entries you wish you recognise in the current period (the month that you are about to close), head over to the Budget vs Actual page and click on the 'Time to Recognise' link over on the right hand side of the page. (we've put this on the BvA page so that it's accessible to PM's who might be responsible for doing this bit).
|The 'Time to Recognise' link is only available to Users with the correct security permissions. You will need to grant access to this tool for any Users who should be able to select time entries for revenue recognition|
Clicking this link will then take you to a page which shows all time entries which have not yet been recognised, and their value.
In this tool, you can use the tick-boxes to select which time entries you want to recognise and the Time Recognised value will increase as you select each one.
|There's a select all tick-box in the header next to 'Person' to select all entries at once|
To amend the number of hours you wish to recognise, select the time entry using the tick-box and then amend the number of hours in the 'Time Recognised' field. This will then update the value to be recognised.
Time Recognised is calculated as Hours x Charge out Rate.
When you have selected all of the time you wish to recognise for this month, and have checked the values, click on Save.
When you have completed this for all of your Resourced T&M Projects, and you've made any updates to your other projects, you are ready to close the month.
To close the month in CMAP, go to Finance - Recognised Revenue - Close Month. Then click the close button for your selected month.
Then, when you come back to your Project's Revenue Scheduling page you will see that the value you selected for the time entries is now the recognised value in the month you have just closed.
This number is now locked (un-editable) as the Month has been closed.
Use this LINK to learn more about Revenue reports & other information.