Read About Recognizing Revenue and Cost against Recognition Schedules before working through the steps below. Also, if you want to be able to exclude source records and their recognition schedules from being recognized, see Excluding Recognition Schedules from Being Recognized.
To recognize revenue and cost against recognition schedules:
- Go to the Revenue Recognition page. Each row in the Recognition Summary grid is a group of recognition schedule lines with the same company, currency, recognition stream, and period. By default, the grid shows all revenue and cost scheduled for the current period.
- [Optional] Click
to toggle the Filters panel on and off. In the Filters panel:- Select the periods you want to view. If you intend to recognize multiple periods they must be consecutive.
- Set any filters you require to control which recognition schedule lines are included in the grid. Note that:
- Filtering on No Company, No Account, or No Product means that only recognition schedule lines with no value in their Company, Account or Product field will be included in the grid.
- Leaving a filter blank means that recognition schedule lines with any value in that field will be included in the grid.
- Click Recognize to recognize the scheduled revenue and cost currently displayed in the grid.
If your org is configured to exclude recognition schedule lines in historic periods
Refers to all periods prior to the period being recognized in the Recognition Summary grid. but there are unrecognized values in historic periods, a warning message is displayed. You must remember to recognize the historic periods otherwise your reporting data might be inaccurate and some source records will never be fully recognized. By default, historic periods are included for recognition. For more information, see the Exclude Historic RSLs from Recognition custom setting description in Managing Custom Settings. - Select the period to commit the values into. This defaults to the latest of the selected periods. It is recorded as the Recognition Period on the transactions created by the recognition process, and its end date is recorded as the Recognized Date.
- Click Recognize to start the process. The process runs in the background.
By default you are notified by email and by a Salesforce notification when the process is complete. To view the process log, follow the link in the email or click the Salesforce notification to navigate to the process run record and its child process logs. Your administrator can disable email and Salesforce notifications via the Revenue Management Notification Settings custom setting.
When the process recognizes a recognition schedule line successfully:
- The recognition schedule line's status changes from "Recognizable" to "Complete".
- The related source record's Revenue Recognized to Date and Cost Recognized to Date fields update to include the amounts recognized on the recognition schedule line.
If you later discard the recognition transaction, these changes are rolled back.
Transactions Created by This Process
Recognition transactions created by this process are grouped by company, currency, and recognition stream.
Each transaction's document description is in the format "Rev Rec - <currency> - <recognition stream> - <recognition date>" and the originating process is set to Revenue Recognition.
Two recognition transaction lines are created for each recognition schedule line, per period: a balance sheet line and an income statement line. The GLAs for these transaction lines are derived from the source record's recognition settings.
From a recognition transaction line, you can find the related recognition schedule line via the Recognition Schedule Line lookup, and the related source record via the Recognized Record ID field.