One-Time Project Recognition

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After implementing NetSutie for serveral companies, I realize that NetSuite isn't perfect in project recognition, especially in service industry.

And in real life, few project is closed on time as initially planned.

Here's the simple workflow for your reference. Basic concept is that before a project is closed, all the related expense/cost/revenue should be booked under deferred expense/revenue.

After the project is closed, all the deferred amount should be transferred to recognized amount.

The expense/cost/revenue amount will be reflected on P&L, balance sheet report.

Note: this solution won't work if the project is done through intercomapny transactions.

How to use it?

NetSuite bundle ID:

Please let me know if you want to intall this APP.

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