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V1 Professional Services & Automation
Revenue Recognition (module)
This V1 Professional Services Automation (PSA) module is designed to calculate the amount of revenue to recognise for work performed on chargeable projects.
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Download Revenue Recognition (module) brochureIt can be configured to apply custom business logic to projects that recognises the different types of contract that might relate to them and the different circumstances that might occur. Using this V1 PSA module, revenue can be recognised as often as is necessary.
The figures that are generated can then be posted to an external accounts package using a data upload routine.
Revenue Recognition uses a smart client, part of the V1 PSA Microsoft Excel tools utility. Revenue batches can be generated from within Microsoft Excel and edited using our easy-to-use, graphical user interface.
The Revenue Recognition module offers the ability to create sets of rules that dictate how revenue is to be recognised. These can be influenced by the use of contingency amounts. Finally, users may define the procedures that will apply to any revenue recognition exercise.
Revenue methods are rule sets that define how revenue is calculated and analysed for chargeable projects. When a revenue method is created, it is allocated a single procedure set. This is merely a grouping that can be used to map one or more profit centres to a set of revenue procedures.
Contingencies values are amounts retained from the value of revenue that might otherwise be recognised. This allows project managers to build a further measure of prudence into revenue recognition.
The amount of revenue to be recognised is calculated by custom written procedures that can incorporate any business logic required. Any number of procedures can be written to support an organisation’s requirements. They can also be written to provide a full audit trail of the intermediate values within the calculations made.
Revenue Recognition Reports
There are six reports that accompany the Revenue Recognition module. All are designed to make the process easier and to help users ensure that revenue is recognised consistently and accurately across all projects.
Project Revenue Check Report
The first of the housekeeping reports identifies projects that qualify for revenue recognition but have not had a revenue method selected. Active chargeable projects that have a client are candidates for revenue recognition.
Validate Revenue Recognition
The second housekeeping report identifies projects for which the pre-requisites have not been configured. Revenue procedures are written to use a mixture of static and transactional data to calculate the value of revenue to take for a project in a given period.
Projects With No Revenue
The fourth housekeeping report identifies projects that have not been processed in a selected accounting period.
Revenue Batch Report
The revenue batch report is an interactive worksheet report that allows users to review the values held for a revenue batch.
Project Revenue Summary Report
The final report provided by the Revenue Recognition module displays the revenue taken over the lifetime of the project.
The project revenue summary report shows a list of the amounts of revenue taken in each period for the selected project. It also displays the intermediate values used in the calculation of the revenue and whether the values have been locked or released.
V1 Professional Services Automation modules