Example: Creating a Chart of Accounts in RevRec.
Creating Chart of Accounts in RevRec.
By default, you will have preconfigured general accounts in RevRec under Accounting > Journal Accounts. All the Journal Account mapping is defined by Journal Accounts type. You can see this under Reports > Accounting > Revenue Journal. This report is categorized on the chart of accounts you provided.
The Revenue Journal report is categorized by the chart of accounts you provided. The revenue accounts report all the income earned by your business from selling your products or services. Revenue Journal comes with the following default revenue accounts:
Contra Revenue: The clearing account used to re-class revenue from the current period recognition, for the purpose of deferring revenue recognition over the performance period.
Deferred Revenue: Liability on the company's balance sheet that represents pre-payments by customers for goods or services.
Revenue: Income earned from providing products and services in the current period.
STEP 1: To create a new report, first we need to delete the default chart of accounts by navigating to Accounting > Journal Accounts > CLEAR ALL.
STEP 2: Then, click on Create New Account and update the below details from your accounting application.
1. External Id
2. Account Number
3. Account Name
4. Account Type.
Refer to this link for more information.
STEP 3: Now, you can perform Journal account mapping as per your accounting by referring to this link.
STEP 4: Once, done you can clear the sample data from the test site, by clicking on the arrow on the site name > ellipsis > Clear
STEP 5: Now, you can import the data from your accounting system. Refer to this link for more information. After uploading, you can also manually update specific data by clicking on them. (Refer to the screenshot)
Your report is ready. Navigate to Reports > Accounting > Revenue Journal to view the updated report.
The following video demonstrates how to create a chart of accounts in RevRec. It explains how the user can use the advanced Journal Account Mapping feature in RevRec to book revenue for different products to separate revenue accounts.
What are the Standalone selling price rules?
How to save and share a report in RevRec?
How to Customize a Report in RevRec?
How are the revenue and commission recognized in RevRec Journal entries?