Revenue Recognition—Key Exercises

Basic Data Setup

Prerequisites: The purpose of this exercise is to set up the data required for the create budget process exercises.

Revenue Recognition—Basic Data and Requirements Exercises

Main Exercises

Handle Revenue Recognition

Purpose: The purpose of this exercise is to perform a revenue recognition process for a defined project.

Windows:
Revenue Recognitions

  1. Open the window, press new and enter the year and the period to be updated using revenue recognition process and save. The period should be the first period for which vouchers were created above.
  2. Save.
  3. The status of the procedure will be Defined.
  4. Highlight the line, RMB click and select Execute Calculation from the menu.
  5. An information message “Revenue Recognition was successfully completed” should be given, press OK.
  6. The status of the procedure should be Calculated and values should exists for recognized balances.
  7.  Highlight the line, RMB click and select Acknowledge from the menu.
  8. The status of the procedure will be Acknowledged.
  9. Highlight the line, RMB click and select Create Voucher from the menu
  10. Create Voucher dialog should appear, press OK.
  11. The status of the procedure will be Posted/Closed.
  12. Repeat the above procedure for the next coming accounting period.

Follow-up and Analysis, Revenue Recognition

Purpose: The purpose of this exercise is to show you how to do a follow-up analysis on an already done revenue recognition process.

Windows:
Revenue Recognitions
Project

  1. Open the window, populate and highlight the first line, RMB click and select View/Adjust Revenue Recognition from the menu.
  2. A new window, Revenue Recognition Project, will appear showing detailed information about each project related to the revenue recognition procedure selected.
  3. Highlight the project, RMB click and select View Project Log from the menu.
  4. A new window, View Revenue Recognition Project Log, will appear showing detailed information about the project related to all revenue recognition procedures where the project has been included.
  5. Open either the Project window.
  6. Search for the project used for Revenue Recognition.  
  7. Switch to the Revenue Recognition Information tab.  
  8. RMB click and select View Project Totals Log from the menu.  
  9. A new window View Project Totals Log, will appear showing information about the changes in estimates and when and by whom there were made.