How to do data migration for revenue recognition with project management?

AI generated answer (using internal Slack threads):

Based on the conversations, here's how you can handle data migration for revenue recognition with project management: 1. For historical projects: You can import a large journal entry that credits a new account called 'Legacy revenue' for all your historical projects and then an offsetting debit to that same account. Then, associate the project with just the credit side of the entry. This way, the project would have a revenue amount but there is a net zero GL impact. However, it's recommended to test this in a sandbox environment first to ensure everything works as expected. 2. For ongoing projects: - If a sales order is partially billed with 0% revenue recognized for the project, you can enter the complete sales order into the new subsidiary, recreate the amount already invoiced using Cash Sales, and reverse the amount recognized from the cash sale. This will enable you to recognize all the revenue without overbilling your customer. - If a sales order is not billed but a portion of revenue has already been recognized, you can enter the complete sales order into the new subsidiary, recognize and reverse the revenue already recognized so you do not over recognize revenue. This amount should already be recorded in the trial balance you are importing for subsidiary balances. 3. For revenue recognition projects with mixed types of billing (time-based and milestone): You need to set separate revenue recognition rules on the project for time and milestone, setup resources, record your time, etc. Then, run charges. Milestone is independent of hours so your time recorded should only impact hours. Sales Order will pick up your charges - if it is set up correctly - as separate lines. If it is not set up correctly, delete the charges and re-do your configurations. Remember, testing these scenarios in a sandbox environment is crucial before implementing them in production. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******