Revenue Recognition Automation (Part-2)

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Summary

Revenue is at the heart of all business processes. The collecting of data from many sources is made easier by automated revenue recognition, smoothly. This makes it easier to manage revenue contracts Using automation, you can free up time and resources, allowing you to focus on other tasks and operations.

The Objective of this Blog is to elaborate a mechanism to upload the amount of revenue to be recognized for each sales order line item based on predefined calculations. This blog starts by providing a brief understanding of Revenue Recognition Automation. To accomplish this, previously we have to manually enter the revenue to be recognized at the sales order item level per month. This process is time consuming and error prone. In this blog we will show you how revenue is recognized in an automated process and enhancements that have been introduced.

Process Involves:

Create Sales Order

Create Project

Run Revenue Recognition Automation

Enhancements For Revenue Recognition Automation:

For this purpose, we have created a Process Flow for Revenue Recognition.

Custom Work Center:

A Custom Work Center have been created with two Views

Generate Revenue List

Post Revenue

Process Flow For Sales Order and Project:

Create Sales Order with Project and Note Down the Project and Sales Order ID

Navigate Sales Order Work Center > New > Sales Order

Process Flow To Generate Revenue List:

Navigate To Revenue Recognition Automation Work Center > Click on Generate Revenue List > Click on List Data > Then Click on Generate Data.