SECTIONS
The process to recognize revenue and amortize costs can be divided into three main stages:
- Filtering and grouping your data.
- Selecting revenue to recognize and costs to amortize.
- Creating a revenue recognition transaction that contains one or more transaction lines.
This topic describes the third stage.
To create a revenue recognition transaction
When you have selected the items that you want to recognize or amortize and clicked Submit, the Create Transaction dialog is displayed:
- Enter a description.
- Unless you have disabled period validation, the Period field defaults to the period of the recognition date that was specified when data was generated. You can select an alternative period if you want.
- Choose what you want to happen if existing "In Progress" transaction lines are found for the same source record:
- Select Replace to delete the original transaction line and add a transaction line to the new revenue recognition transaction created in the next step. If this results in all transaction lines on the original transaction being replaced, the status of the original transaction changes to "Replaced".
- Select Retain to keep the original transaction line.
- [Optional] Select the legislation type that the transaction relates to. This is useful for reporting purposes. The default values available are ASC 605, ASC 606, and blank but your administrator may have renamed the default values or added others specific to your business needs.
- Click Create Transaction to create the new "In Progress" transaction or click Create Transaction & Commit to create the "Committed" transaction.
Depending on the number of records being processed, the revenue recognition transactions might be created asynchronously via an Apex job. You are notified by email when the job completes. You can continue to select source records and submit them (including source records using the same template) while a job is running. You do not have to wait for the previous job to finish before submitting again.
To monitor the progress of an Apex job, from Setup click Monitoring | Apex Jobs. The queue lists any Batch Apex jobs that have not finished execution. The Total Batches column lists the total number of batches for the job. The Batches Processed column lists the number of batches that have been processed. See the Salesforce Help for more information.
Committing Transactions Manually
If you create revenue recognition transactions as "In Progress", you can commit them later from the list view or from the detail page. To do this:
- Click the Revenue Recognition Transactions tab.
- Choose a view from the drop-down list.
- Do either of the following:
- To commit multiple transactions at once, multi-select the transactions in the list view then click Commit.
- To commit a single transaction, display the transaction's detail page then click Commit.
What happens next?
- If you have set up the Recognized To Date Value and Amortized To Date Value field mappings in Settings, the recognized and amortized to date values on the source record are updated. When these values on the source record are null, they are updated with the sum of all revenue or cost values on the source record's transaction lines to date. When these values on the source record are not null, the amounts recognized or amortized this period are added to the values already on the source record. The Recognized to Date Value (Home) and Recognized to Date Value (Dual) fields are updated in the same way.
- If you have set up the Fully Recognized and Amortized field mapping in Settings, the mapped Boolean field on the source record is set to true when all the value types chosen on the settings record linked to the source record are fully recognized and fully amortized.
- If Create Actual vs Forecast in real time in the Revenue Management Settings custom setting is on, then Actual vs. Forecast records are created when you commit or save your transactions.