How to configure RevRec to use Ledger Accounts?
How to create simple Account Mapping in RevRec?
How to perform Advanced Journal Account Mapping?
Journal Posting is when you close an accounting period, you might want to post your journal entries to your ledger at the same time. If you have integrated with an accounting system, RevRec automatically posts your journal entries for you, after you close the period. RevRec produces Journal Entries as a part of its computation and tracking of revenue and commissions. Navigate from Connect to another system > Accounting > Connect > Connect your data > Journal Posting.
RevRec uses the following journal account
Deduction from gross revenue for the purpose of revenue recognition over the period of the performance period.
Liability on the company's balance sheet that represents pre-payments by customers for goods or services.
Fees earned from providing services and goods.
Adjustment to the commission expense incurred when commissions are paid out. Adjusted commission expense will be amortized over the lifetime of the customer.
Commission costs that are already incurred but will not be charged to expense until a later period.
Commission expensed over time as the service is provided.
RevRec is pre-configured to produce Journal Entries based on the chart of accounts shown below.
You can customize the internal chart of accounts in RevRec to map to your company's accounting systems chart of accounts.
If your company has a single account for each account type described above you can simply map a ledger account number to each RevRec internal account number.
To do this go to 'Accounting' on the main menu and then select 'Journal Accounts'. Then click on the 'Create New' button on the top right of your screen.
This will open up the 'Add/Update Journal Account' dialog. Set the Account Number, and Account Name and choose an account type. Toggle "Default XXX Account" so that it's checked. Click the save button.
That's it, you just added a new Journal Account mapping. This will be used as the default Journal Account for the account type you selected. Click here to know more.
If you have multiple revenues, deferred revenue, or other accounts you can leverage advanced journal account mapping.
In order to use the 'journal posting' integration flow (automated journal posting) you must first configure your journal account mapping.