Reporting period in RevRec
The accounting period in RevRec
|Accounting Period||Reporting Period|
|The accounting period is a range of time periods during which accounting functions and financial statements are prepared for an organization. |
The reporting period is a concept that helps control the amount of historical data that is displayed within RevRec's MicroStrategy-based reports.
|It is the period for which the most up-to-date revenue recognition is reported. RevRec uses the accounting period to categorize what transactional data belongs to which period.||It is the historical period for which the RevRec reports display data from the current closed period.|
Once closed or locked, you cannot change the revenue recognition or accounting numbers for that period in RevRec.
When you make any modifications to sales orders from prior periods that are closed, the net effect or impact of your modifications gets recognized in the current open period.
|Note that this only affects how far in the past you can see plan data on the reporting and in no way affects any of the internally computed schedules in RevRec.|
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