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Encompix gives you the flexibility and accuracy needed to construct true job costs for your ETO or MTO company. The software will collect actual material costs at the moment a purchase order receipt is vouchered; additionally actual labor costs are collected as reported to the system. Job costs can be viewed individually or collectively in the parent project. By defining jobs as projects, you have the ability to apply the actual costs to the COGS, with full Revenue Recognition accounting.
Revenue Recognition accounting is specifically useful to ETO and MTO companies because of the long-lead time associated with products. This feature allows revenues to be recognized as a percentage of actual expenses incurred, rather than against the shipment of the product produced. To do this, the system calculates the percentage completed of a project, and then uses that to come up with numbers based on the budgeted amount for the project.
Furthermore, Encompix allows you to bill for payment in a progressive manner. For instance, if you have a contractual agreement with a client that allows you to receive payment after certain milestones, Encompix can recognize when those milestones are completed and generate a bill; helping you to offset costs incurred during the production process.
"Account" is part of the Encompix line of products, developed by Encompix.