Revenue management is the process by which the billed amount on a real sales invoice is deferred, or by which a value is recognized on a job prior to the sales invoice being generated. Revenue recognition and deferral can be done on actual sales invoices, or via a type of sales transaction the "RR" (revenue recognition, or rev rec).
If you opt to set you system to have revenue management enabled (via a company setting) will see additional fields and items throughout Synerigst including: a new topic in your left hand navigation panel for 'revenue mgmt'; the ability to generate Revenue Recognitions from the same areas as sales invoices; more information on the phase allocations tab of your sales invoices and, if you are using billing plans additional information there. For more information on Revenue Recognition and Billing Plans please see our section on this topic here.
Note that revenue management is incompatible with the feature to populate phase allocations automatically during invoice creation - this company setting must be disabled in order to use revenue management.
Revenue Management table
This is available via the left hand navigation panel:
The list of jobs displayed in revenue management table are all jobs which are not final invoiced up to the end of the current revenue period, plus all jobs which have been final invoiced in the current revenue period. Clicking one of the items in the list will open up the job in question in a separate tab.
The user has the ability to base the actual cost on either purchase orders, purchase invoices or a hybrid of both by selecting the view from the button in the top left hand corner.
Three additional columns are shown for "total recognized", "total billed" and "deferred". The existing columns - "already allocated" and "Allocate now" are renamed "already recognized" and "recognize now".
When allocating revenue to an invoice, and if you have selected to use Synergist’s revenue recognition features, the ‘auto’ button provides a variety of options for recognizing and deferring income. You can also manually manually input the values into each line.
NOTE: you cannot final invoice a job without recognising all revenue.
You will be able to create new RRs in most of the places you are able to create sales invoices (job, phase and client invoice tab). RRs can be used as single phase, single job (multi-phase), or multi-job transactions. An RR is not a printable document, there is nothing to send to your client. The creation process uses the same interface as a regular sales invoice, but with fewer steps. Job / phase selection is a requirement (unless the RR is for a single invoice), and costs can be allocated to an RR in the same way as they can to a regular sales invoice. The only other pages which are displayed during creation are the phase allocations page and the notes page.