Scope
How to configure Product Catalog in RevRec?
What is the list of product fields in RevRec?
What are the Additional Performance Obligation fields in RevRec?
Summary
You can configure your products in RevRec to match your product catalog in your CRM. If your RevRec site is connected directly to CRM such as Salesforce or HubSpot, RevRec will automatically download the product catalog. Otherwise, you can create your product catalog in RevRec directly. There are two types of products in RevRec.
Solution
1. Product
A product is a good or service that is sold as part of the contract. Usually, it would have a non-zero price attached to it. When creating a primary product in RevRec you will need to provide the following information.
(a) General
ID
Unique identifier for the product
Product Name
Display the name of the product
Product Code
Code used in CRM to identify this product.
Product Family
The family of the product can be used to report on a group based.
Product Type
Type of the product
Is Recurring
Is this product a recurring charge that will be renewed at the end of the term?
(b) List Price
The price at which the service provider or manufacturer recommends selling the product.
Price
The actual amount for which the product is sold.
Period
The billing period for which the list price is provided.
Period Units
Unit of the billing period, /months, /years or /quarters
Currency
Currency in which this product will be sold.
(c) Delivery
The rule for service delivery dates for this product.
Start Date
Dereferenced the start date for the service. Users can reference "Order Date" or any other date-type custom fields which are at the sales order or product level.
Term
Term in a month for which the service will be provided. If a term is provided delivery end date is not required.
End Date
Dereferenced the end date of the service. Users can reference "Order Date" or any other date-type custom fields which are at the sales order or product level.
2. Additional Performance Obligation
For each primary product, the user can configure 1 or more additional performance obligations (PO). These POs will be automatically added to the contract each time the base product is sold. When creating a PO, you will need to provide the following information
(a) General
See section "General" in Primary Product above.
(b) Delivery
See the section "Delivery" in Primary Product above.
You don't need to provide List Price information for POs because when they are added to the contract, their sale price will always be zero as they are never sold. Revenue is allocated to these items based on Standalone Selling Price rules that are configured to these POsRelated Article and Documentation