Initial Performance Accounting Workaround
Hi - I am a new Oracle customer and would like to how other are handling this circumstance:
Upon the initial contract processing, an 'Initial Performance' event is recorded in RMCS to debit Contract Assets and credit Contract Liability. For most of our cases, we have not performed any service at this point in time. The service will be performed in a period subsequent to contract signing and the recoding of this Initial Performance event. However, we're left with a debit in Contract Assets and a credit to Contract Liability in our financial statements equal to the full contract value.