Read About Recognizing Revenue against Revenue Schedules before working through the steps below.
To recognize revenue against revenue schedules:
- Go to the Revenue Recognition Home Page.
- In the Revenue Summary grid, select the periods you want to recognize. If you select multiple periods they must be consecutive. The grid refreshes to list all the revenue that's scheduled to be recognized in the periods you have selected. Each row in the grid is a summary of revenue schedule lines with the same company, currency, revenue stream, and period.
- Click Recognize Revenue to recognize all the scheduled revenue currently displayed in the grid.
- Select the recognition period. This is the period that you want to recognize the revenue in. This period is recorded on the transactions created by the revenue recognition process, and its end date is used as the recognition date.
- Click Recognize to start the process.
The process runs in the background. You can monitor its progress from the Process Runs page. When it finishes you are notified by email with a link to the relevant process run record which is where you can find log information.
When the process recognizes a revenue schedule line successfully:
- The revenue schedule line's recognition status changes from "Recognizable" to "Complete".
- The related source record's Recognized to Date field updates to include the amount recognized on the revenue schedule line.
If you later discard the revenue recognition transaction, these two changes are rolled back.
Transactions Created by This Process
Revenue recognition transactions created by this process are grouped by company, currency, and revenue stream.
Each transaction's document description is in the format "Rev Rec - <currency> - <revenue stream> - <recognition date>" and the originating process is set to Revenue Recognition.
Two revenue recognition transaction lines are created for each revenue schedule line: a balance sheet line and an income statement line. If you recognize revenue for multiple periods in a single transaction, two transaction lines are created per revenue schedule line per period. The GLAs for these transaction lines are derived from the source record's settings.
From a revenue recognition transaction line, you can find the related revenue schedule line via the Revenue Schedule Line lookup, and the related source record via the Recognized Record ID field.