Introduction

Organizations need to be able to determine the timing of financial information that originates from timesheet entries for revenue recognition purposes.

The Timesheet Actuals Recognition Date system setting allows you to choose whether this timing is based on the date the timesheet entry was reported or the date that it was approved.

How it Works

The Timesheet Actuals Recognition Date system setting is introduced with the Close Fiscal Month function and appears on the System Settings page in the Time Tracking section:

Timesheet Actuals Recognition Date provides the option to use either the Reported Date or Approval Date for attributing actual costs and revenues from timesheet entries as follows:

• Reported Date is the default value and means that Actual Cost and Revenue information from timesheets will be associated with the Reported Date of the timesheet entry. This is the way that actual costs and revenues have historically been treated in the system.
• Approval Date means that Actual Costs and Revenues from timesheet entries will be associated with the date that entries are approved.

Actual Effort and Cost & Billing rates will continue to be based on the Reported Date and will not change as a result of the new system setting.

Note: Changing this system setting causes all previously recorded actual costs and revenues driven by timesheet entries to move to the new recognition date regardless of their state, original recognition date, or locked status. Time entries whose new recognition date is now later than their corresponding current fiscal month start date will become unlocked. Although no immediate recalculation will take place on unlocked entries, they will be subject to the latest applicable cost and billing rates if recalculation is triggered by any subsequent changes.