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
Purpose: The purpose of this exercise is to perform a revenue
recognition process for a defined project.
Windows:
Revenue Recognitions
- 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.
- Save.
- The
status of the procedure will be Defined.
- Highlight
the line, RMB click and select Execute Calculation from the menu.
- An
information message “Revenue Recognition was successfully completed”
should be given, press OK.
- The
status of the procedure should be Calculated
and values should exists for recognized balances.
- Highlight
the line, RMB click and select Acknowledge from the menu.
- The
status of the procedure will be Acknowledged.
- Highlight
the line, RMB click and select Create Voucher from the menu
- Create
Voucher dialog should appear, press OK.
- The
status of the procedure will be Posted/Closed.
- Repeat
the above procedure for the next coming accounting period.
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
- Open
the window, populate and highlight the first line, RMB click and select View/Adjust
Revenue Recognition from the menu.
- A
new window, Revenue Recognition Project, will appear showing detailed
information about each project related to the revenue recognition procedure
selected.
- Highlight
the project, RMB click and select View Project Log from the menu.
- 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.
- Open
either the
Project window.
- Search
for the project used for Revenue Recognition.
- Switch
to the
Revenue Recognition Information tab.
- RMB
click and select View Project Totals Log from the menu.
- A
new window View Project Totals Log, will appear showing information about
the changes in estimates and when and by whom there were made.