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 recognition 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 recognition settings and templates are created so that you can recognize revenue and generate recognition 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, recognition 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.

Ensure that you have system administrator permissions before attempting to enable this feature. For more information about prerequisites, see Enabling and Disabling Features.

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 recognition 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 recognition schedules. A full list of permission sets is provided in the Revenue Management Technical Pack, available from the Certinia 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 recognition templates to your source records: billing contract line items and billing document line items.
• If you intend generating recognition schedules for billing contracts, you must also add an action to the Billing Contract object if you want the ability to generate recognition schedules for a single billing contract from its Lightning record page. See Adding an Action to Generate Recognition 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 recognition schedules for billing contracts. Note that:

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