Revenue generation is one of the most essential business process in Project Accounting Suite. Over the years businesses evolved and new enhanced functionalities are required in revenue generation process. In different release 12.2 versions new features are introduced for maintaining different aspects of revenue process.
Below are three features are most sought feature by our customer community due to various business needs with respect to their revenue management.
Revenue in Invoice Transaction Currency:
Prior to introduction of this feature revenue can be generated only in Project Functional currency. Thus it was little tedious for users to reconcile revenue and invoice amounts if invoice transaction currency is different from project functional currency. Through this feature revenue and invoice can be reconciled more effectively.
Revenue in Transaction Currency:
In addition to generate revenue in Project Functional Currency and Invoice Transaction Currency. Flexibility is provided to generate revenue in transaction currency (which is either currency of event or expenditure items from which revenue is going to be generated). This features will help business whose requirement is to reconcile revenue amount data with expenditure item/event amount.
In order to generate revenue in different currencies, Project form is modified where three options will be given to user for selecting Revenue Transaction Currency. User can chose either of below option and revenue will be generated accordingly.
- Project Functional Currency Only
- Project Functional and Invoice Transaction Currency
- Project Functional and Transaction Currency
Revenue Hold:
Users wanted to have flexibility to control revenue generation independent of invoice generation because lot of users maintains different cycle for revenue and invoice generation thus a feature was required to withhold revenue generation for any expenditure item and/or event separately.
Earlier application had only bill hold which was used to control both revenue and invoice generation however using this feature revenue hold can be applied and invoice can be generated against transactions.
Expenditure Inquiry and Event form is modified not only to place revenue hold for specific transactions but these forms also allow users to filter data based on revenue hold.
Please review KM Note: 2820949.1 for more details.