Enabling Revenue Recognition for PSA

This Feature Console page provides an automated way to set up PSA to perform revenue recognition. The feature allows you to choose which settings and templates to create for PSA objects: Expense, Milestone, Miscellaneous Adjustment, Project, Timecard Split. Project is assumed to be the primary object, and any other selected objects are assumed to be at Level 2 with Project as their parent.

Notes:

You cannot run this feature more than once, and once it has been enabled you cannot revert it. If you do not select all the settings and templates you need when you run the feature, you can create additional settings and templates manually.

If you are upgrading to this release and PSA is already configured for revenue recognition in your org, do not activate this feature. Doing so results in an error message.

To run this process your user profile must have:

  • The Customize Application permission enabled.
  • The Modify Metadata permission enabled.
  • Read, Create, Edit, Delete permissions for the following PSA objects: Expense, Milestone, Miscellaneous Adjustment, Project, Timecard Split.
  • Read, Create, Edit, Delete permissions for the following Revenue Management objects: Settings, Template, Revenue Recognition Transaction, Revenue Recognition Transaction Line, Revenue Forecast Transaction, Revenue Forecast Transaction line.

To set up the standard integration between Revenue Management and PSA:

  1. Click Launch to start the process. The next screen lets you select which settings and templates to create.
  2. Choose the templates you want to create for each settings record. If you choose an Equal Split template, you must select the Calculation Type for that template. If you will not be recognizing revenue on some source objects (Expenses, Milestones, Misc. Adjustments, Timecard Splits) deselect the checkboxes for those settings records that are not required.
  3. Click Next to continue. The next screen lets you review the settings and templates that will be created.
  4. Click Create to proceed with creating the settings and templates, and any fields that are required for revenue recognition to work. A full list of the metadata created is provided in Metadata Changes when Enabling Revenue Recognition for PSA.
  5. When the process has completed, click Close. The step is marked as "Done".

When the step is complete, use the Status slider in the Feature section to enable the feature.

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.
  • Grant users access to the fields that have been created on the PSA objects (the fields are identified in Metadata Changes when Enabling Revenue Recognition for PSA). Do this by setting each field's Field Level Security to being Visible for the appropriate user profiles. You should also add the fields to the page layouts assigned to users.
  • Ensure that users have the appropriate permissions before they attempt to run revenue recognition. A full list of permission sets is provided in the Revenue Management Technical Pack, available from the FinancialForce Community.
  • If you chose to create "Equal Split" templates with the calculation type set to either "445" or "Month/Part Periods" you must create recognition years and periods. For more information, see About Recognition Years and Periods.
  • Assign the Revenue Management templates to your source records. For example, if you intend to recognize revenue on milestones, you must assign a template to your milestone records.
Note:

This standard integration performs the configuration to run revenue recognition on PSA source objects. Note that:

  • If you want to amortize costs on PSA source objects, you must perform additional setup described in Additional Setup 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?.