Hey. I’ve a T&M & fixed bid contract scenario where in: T&M, Engineer time entry is invoiced & recognized monthly & in fixed the contract amount Engineer could be lets say 6000 over 6 months, but to be recognized as per start & end date. Is it best to use 2 separate items for this setup to accommodate for different recognition scenarios, or is there a way to use 1 item for both?

IMO this will be two separate items, because the scenarios you describe require two separate rev rec rules and each item may only have one.