New “Booking Type” Filter in Revenue Recognition Rule

You can recognize revenue on a per-project based on different rules and criteria in OpenAir. The Incurred vs. forecast rule permits revenue to be recognized based on how the project is progressing against the project plan. Revenue is recognized by dividing the incurred costs by the forecasted costs, multiplied by the revenue that is to be recognized. The incurred and forecast costs can include a combination of labor, expenses, bookings, or purchases.

OpenAir enables you to include a booking type filter leveraging bookings in the forecasted cost calculation. This may be beneficial if the forecast option is configured to use "Approved and booked hours multiplied by user cost" option and would like to exclude bookings that have a booking type of "Tentative" from the calculation.

To enable this feature, contact OpenAir Customer Support.