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Planview Customer Success Center

When does the Revenue Recognition recognize the time ?

Question

Our year end is 12/29 and all time will be submitted but time will not be approved until 1/2 which is the same day the Revenue Recognition tool will be running. So I am wondering if we will get the time recognized if it is approved when the tool is running or if that is too late.


Answer

Revenue for time is calculated as the approved number of hours multiplied by the billing or cost rate.

As a best practice, you should ensure all time has been entered and approved before starting the rev rec process. If any time is missed, you can do another rev rec run later on (just make sure to use the appropriate posting date when you commit).

If you use Cognos, there are 'missing time' and 'unapproved time' reports that are helpful to ensure that you have all time.