What is the setup overview of the RevRec integration?
Setup overview of RevRec integration
In order to set up RevRec you need to perform the following steps
There are several ways you can bring your sales and billing data into RevRec
You can record or edit your invoices and sales directly in RevRec. Refer to this link for more information.
Using our bulk import tool to import your data without connecting systems together. Refer to this link for more information.
You can download our data template and immediately start getting your data in.
Connect directly with your CRM, invoicing, and delivery or operational systems by leveraging our Connect function. Refer to this link for more information to know how easy it is to connect all your data together or just click the connect button.
In order to compute revenue recognition in accordance with the Accounting Standards (ASC 606), all companies need to maintain a Stand-Alone Selling Price (SSP) Library.
This SSP Library is maintained in RevRec and is used to reallocate revenue.
For more details on setting up your SSP Library, check out the below articles
You can also quickly leverage the SSP analyzer that will analyze your historical sales to help you set up or adjust your SSP library quickly. You can find this in the SSP library section labeled as the SSP analyzer
RevRec produces entries that will set up your deferred revenue and commission balances on your GL. You can read how our posting process works here.
In addition, it will maintain these balances using revenue and commission expense entries. You can read more about how to configure these to produce entries with your specific account numbers here.
Before you can go live with RevRec you will need to determine how you would like to convert your existing accounting process into the ASC 606 process supported by RevRec. There are several options that are available that you can read about here.
Now that you have run through how you want to convert and have the system fully configured you can go and close your first accounting period.