SECTIONS
Read About Recognizing Revenue against Revenue Schedules before working through the steps below. Also, if you want to be able to exclude source records and their revenue schedules from being recognized, see Excluding Revenue Schedules from Revenue Recognition.
If Revenue Management is set up for both revenue and cost, you can amortize cost against revenue schedules in the same way that you recognize revenue against them.
To recognize revenue against revenue schedules:
- Go to the Revenue Recognition 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 to recognize the scheduled revenue currently displayed in the grid.
- [Optional] Apply filters to only recognize revenue for specific companies, currencies (multi-currency orgs only), accounts, products, or revenue streams. Only revenue schedule lines that match all the selected filters will be recognized. Note that:
- Filtering on No Company, No Account, or No Product means that only revenue schedule lines with no value in their Company, Account or Product field will be recognized.
- Leaving a filter blank means that revenue schedule lines with any value in that field will be recognized.
- Select the period to commit the revenue into. This is recorded as the Recognition Period on the transactions created by the revenue recognition process. The period's 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.