Enabling Revenue Recognition for Billing Contracts

Warning:

If you have enabled this feature in a version of Revenue Management prior to Spring 2021, do not make any changes on this page. Instead you must enable the Upgrade RM-BC Integration to Spring 2021 feature to update the integration for revenue schedules.

This Feature Console page provides an automated way to configure Billing Central for revenue recognition, and for revenue schedule generation. When you enable the feature, fields are added to the source objects (Billing Contract, Billing Contract Line Item, Billing Document, Billing Document Line Item) and settings and templates are created so that you can recognize revenue and generate revenue schedules for billing contracts. See Metadata Changes when Enabling Revenue Recognition for Billing Contracts for full details.

Enabling the feature also creates the Revenue Management on Billing Central permission set which gives access to the fields that are created.

Notes:

You must have a version of Billing Central greater than Winter 2020 installed in your org before this feature can be enabled.

Once this feature is enabled you cannot revert it. If you want to remove it for any reason, you must manually remove the fields, settings and templates that are created.

If you have manually configured your org to run revenue recognition on billing contracts or billing documents, do not activate this feature. Doing so results in an error message.

You can only enable this feature if your user profile has:

• The Customize Application permission enabled.
• The Modify Metadata permission enabled.
• Read, Create, Edit, Delete permissions for the following Foundations objects: Billing Document, Billing Document Line Item.
• Read, Create, Edit, Delete permissions for the following Billing Central objects: Billing Contract, Billing Contract Line Item.
• Read, Create, Edit, Delete permissions for the following Revenue Management objects: Settings, Template, Revenue Recognition Transaction, Revenue Recognition Transaction Line, Revenue Schedule, Revenue Schedule Line.

If you have not previously enabled this feature, complete the following steps to enable it:

1. Click Perform for each feature step in turn. When a step has completed, its Status changes from "Not Done" to "Done".
2. When you have completed all the steps, use the Status slider in the Feature section to mark the feature as enabled.

Next Steps

• Open each settings record that has been created and update the Income Statement and Balance Sheet GLA fields to use the correct codes for your business.
• Assign the Revenue Management on Billing Central permission set to users needing to view and edit the fields that are created by this feature. The fields are listed in Metadata Changes when Enabling Revenue Recognition for Billing Contracts.
• Ensure that users have the appropriate permissions before they attempt to run revenue recognition or generate revenue schedules. A full list of permission sets is provided in the Revenue Management Technical Pack, available from the FinancialForce Community.
• Create recognition years and periods for use with the "Equal Split" template where the calculation type is set to either "445" or "Month/Part Periods". For more information, see About Recognition Years and Periods.
• Assign the Revenue Management templates to your source records: billing contract line items and billing document line items.
• If you intend generating revenue schedules for billing contracts, you must also add an action to the Billing Contract object if you want the ability to generate revenue schedules for a single billing contract from its Lightning record page. See Adding an Action to Generate Revenue Schedules from the Billing Contract Lightning Record Page.

Note:

This standard integration performs the configuration to run revenue recognition on billing contract and billing document line items, and to generate revenue schedules for billing contracts. Note that:

• If you want to amortize costs on billing contracts and billing documents, you must perform additional setup described in Setting up Revenue Management for Cost Amortization.
• If you want to forecast revenue, you must edit the settings to include Forecast as a chosen Settings Type. Forecast values are calculated according to the template type unless you choose to use forecast schedule definitions. For more information, see What is a Forecast Schedule Definition?.