E1: 51: R51800 Understanding Profit Recognition Process (Doc ID 1516731.1)

Last updated on FEBRUARY 27, 2024

Applies to:

JD Edwards EnterpriseOne Project Costing - Version XE and later
Information in this document applies to any platform.

Purpose

This information will help Fixed Asset Users and Information Technology Staff understand the Profit Recognition Process and what needs to be accomplished to have a successful Profit Recognition run. It will also cover what needs to be set up so monthly profit recognition journal entries can be created. This document assumes that the Job Cost Constants (P0026), Ledgers, Job Master, and Accounts have all been set up correctly and conform to the required standards. If additional information is needed on the above topics, the related Knowledge Documents are listed below.

Scope

Job Cost Users and Information Technology Staff should find this document helpful when trying to understand the Profit Recognition Process. This document covers a simple job that has actual revenue and cost recorded, as well as a budget for both revenue and cost. The purpose of this document is to help with the understanding of the main concepts of Profit Recognition. It is not intended to be a review of the entire Job Cost System and all options that are available.