Marking a Project as Completely Billed
To mark a project as completely billed:
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Go to Lists > Relationships > Projects. Click Edit next to the charge-based project you want to close.
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In the Status field, select Closed.
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Click Save.
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On the project record, click Billed Completely.
A warning pops up requiring you to confirm your choice. If you are sure all charges have been billed, click OK.
After you have marked the project as completely billed, recognized revenue is adjusted to be reconciled with actual charges. For example, if your actual charges were less than the forecasted charges resulting in more revenue than required, negative revenue will be applied to even out the discrepancy. The opposite would be true if your forecasted charges were underestimated.
After a project has been marked as completely billed, you will no longer be able to edit the status of the project. A completely billed flag is noted in the system information for the project and each reconciled project revenue rule.
You can reopen a project that has been marked as completely billed. A completely billed project includes an Open Project button. Clicking the Open Project button will reopen the project and create reversal journal entries for any reconciling entries made when the project was marked as completely billed. Any projects that have been reopened will need to be reconciled again when all charges have been billed.