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Create Revenue Plans On: Billing (Create Actual Revenue Plans based on Billed Amount)

edited Jun 3, 2022 5:26PM in Accounting / ERP 2 comments

Scenario:

User wants to recognize revenue for a sales order (amounting to $10,000) only when it is invoiced or partially invoiced. User wants recognize the revenue amount equivalent to the Sales Order's invoice.

Solution:

User can use Create Revenue Plans On: Billing. With this, Actual Revenue Plans are created based on the the Invoice amount.

1.) Create a Revenue Recognition Rule that has Amount Source set to Event-Percent based on amount and Rev Rec Start Date/End date Source set to Event Date (since user wants to recognize revenue every after Invoicing):

2.) Go to Item Record > Revenue Recognition / Amortization tab and set the Create Revenue Plans to

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