To create a new Revenue Recognition (RevRec) report, navigate to Accounting > Manage Revenue Recognition > Revenue Recognition Report and click the "New" button in the detail section. This will bring up the new report wizard where you can enter the information.
Setting Up The RevRec Report
The image below is an example of a data entry page for a RevRec report. Here you will define the report's name and reporting behavior. Table 1 below the example describes each field on the screen depicted above. Fill out the information and click Save to submit the new RevRec report.
|Name||A unique name for the RevRec report. It will help to be descriptive with the name as much as possible.|
|Description||Detailed description of the RevRec contract.|
Dynamic table that will allow you to add the reporting summary headers. The object reference model can be used here as long as there is a link from the revenue recognition object (e.g. Activity/Invoice Detail). The general rule here is that if there is a link to the Activity/Invoice Detail object, it will be accessible in this report.
Execute the RevRec Report
Once the new RevRec report is saved, it will immediately display the report execution section at the bottom of the page. Here, you will have the option to limit the revenue data according to various periods.
At this point, select one of the period filters to display the revenue data based on the filters and groupings defined earlier. This will then display the relevant summary data that you can then expand to view the revenue details. It will show you when the amount was introduced as deferred revenue as well as when it was recognized.