Hi all I want to create a feature in the system that will have the ability to manually control revenue recognition percentages for projects to support management judgment, forecasting adjustments, and exceptional project scenarios where standard system-calculated Percent of Completion (POC) does not accurately reflect project status. Authorized users must be able to enter a manual percentage that determines how much revenue is recognized for a project and how much remains to be recognized. This capability must improve flexibility and accuracy in revenue reporting while ensuring existing accounting and general ledger processes remain unchanged.
As @Randy has suggested, the Advanced Project Management (APM) Project Accounting module includes the capabilities you describe.
Disclaimer: I’m the Solution Archietct for the APM solutions, developed by Precise Business Solutions, within the Kinetic ERP framework.
Regarding the approach, APM does offer manual entry/updating of the POC or accrual amounts as an option, but what we find most organizations end up using that have similar stated requirements, is the APM EAC budget management capabilities. Since ASC606/IFRS15 are quite specific regarding the formulas used, generally we see organization use standard Cost Update Revenue calculations while modifying the EAC value to account for any forecasted or expected cost base changes.
APM enables both Budget and EAC amounts to be managed across Project, Phase, and Cost Code levels. Therefore, greatly simplifying the budget and EAC management processes compared to within standard Kinetic Project Management contexts.