RMCS Conversion Strategy
As part of RMCS implementation, we are importing revenue contracts from 3rd party. They account for deferred revenue.
Based on your experiences, can you please let me know conversion strategies followed?
Bringing in all the contracts, satisfaction events & billing events to RMCS, Accounting in RMCS and Reversing all the entries in GL doesn't seem to work as client has never accounted for contract asset/contract liability. Subsequent activity on these contracts such as billing events and satisfaction events will hit contract asset & liability but these accounts will not have the accurate balance if we follow the foresaid approach.