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RevRec Quick View Reports:FAQ
How can I sign up and start to use Chargebee RevRec Reports?
What are RevRec Quick View Reports and who can benefit from these reports?
Why is Chargebee replacing the revenue recognition reports in RevenueStory and Classic Reports?
Are the other reports in RevenueStory or Classic Reports impacted by this change?
How can I sign up and start to use Chargebee RevRec Reports?
What are the differences between RevRec Quick View Reports and the full RevRec license products?
What revenue recognition rules are used in RevRec Quick View Reports?
What are the main differences between RevRec Quick View Reports and the revenue recognition reports in RevenueStory and Classic Reports?
Solution
RevRec Quick View Reports are designed to replace the revenue recognition reports under RevenueStory and Classic Reports on your Chargebee site. These new reports allow you(Chargebee users) to track revenue recognition results based on US GAAP (ASC 606) and International Financial Reporting Standards (IFRS 15) requirements.
RevRec automatically integrates with your Chargebee site and applies standard configurations and rules to calculate revenue. Similar to the reports under RevenueStory and Classic Reports, RevRec Quick View provides two key revenue reports:
These reports are viewable by customers, invoices, products, subscriptions, and monthly summaries. The reports are fully exportable into a CSV file format. Click on Classic Reports > Revenue Recognition or Deferred Revenue, or click RevenueStory > Accounting Reports.
Solution
Benefits of RevRec Quick View reports
RevRec Quick View reports benefit those of you who are already using Chargebee with relatively simple sales contracts and reporting requirements. You can benefit from a standard revenue recognition tool without the need for customization, configuration, or additional implementation.
If your sales practices involve complex arrangements such as embedded performance obligations that require allocation of revenue based on Standalone Selling Price (other than sales price), different pricing for multi-year contracts, start dates different from the invoicing date, or other complex arrangements, or if you are looking for a revenue sub-ledger system that provides accounting close, Journal Entry posting, and other key functions in control, audit, and analytics, the advanced Chargebee RevRec licenses would be a better solution.
Is Chargebee Replacing the revenue recognition reports in Revenuestory and Classic Reports?
In 2021, Chargebee acquired RevRec, a leading revenue recognition accounting software, and rebranded it as Chargebee RevRec. This acquisition made the revenue recognition reports in RevenueStory and Classic Reports obsolete, as RevRec offers a more comprehensive solution for discounting and contract modifications that conform to revenue recognition standards. All the other reports currently available in
RevenueStory and Classic Reports will continue to be available.
Upgrading to Chargebee RevRec from RevenueStory and Classic Reports offers increased flexibility as your company evolves and your revenue recognition becomes more complex. With its advanced features and functionalities, Chargebee RevRec offers different plans to cater to the growing needs of your company. Moving to the RevRec platform simplifies and streamlines your future revenue recognition requirements.
Configure RevRec Quick View Report
Follow the steps below to signup with Chargebee RevRec and view your revenue recognition reports:
After logging in to your Chargebee site, click Classic Reports > Revenue Recognition or Deferred Revenue, or click RevenueStory > Accounting Reports.
Introducing an upgraded replacement for this report in Chargebee RevRec pop-up gets displayed with an overview of the RevRec Reports. (Some users can access this report from your home page directly.)
Click Access Replacement Reports for Free to proceed with integrating your Chargebee site with RevRec. Clicking Learn More will redirect you to this FAQ document with more details.
Articles & FAQ
Note: If someone in your organization has already enabled RevRec, you just need to be added as a user on the same RevRec site. Contact revrec-report-support@chargebee.com or talk to your teammate to get the invite. RevRec automatically integrates with your Chargebee data to get the transactions from 1/1/2022 till your current date to process revenue recognition.
When the process is complete,
A new module called RevRec gets added to your Chargebee site's left navigation panel. Clicking this option will redirect you to the RevRec sign-up page.
You will also receive an email notification with your RevRec credentials and a link to sign up.
Note: It may take up to two business days for you to receive the sign-up email.
Click Dismiss on the Welcome banner, and proceed to sign up using your credentials.
Once you have successfully logged in to your RevRec site, you can add up to five additional users to your site. If you need more than five users, contact revrec-report-support@chargebee.com.
Click Reports > Quick View.
You can download the report data in two ways:
Download VUD: To get the granular line item level data for all the underlying tabs.
Download CSV: To get summary-level data as displayed on the grid.
The downloaded files can be accessed from Reports > Analytics > Exported Data. (You can ignore the upgrade callout to access Exported Data).
Explore your RevRev site further, and if you come across interesting features that are restricted for you, learn how you can upgrade to other licenses and get access.
RevRec Quick View reports is a highly pre-configured reporting package limited to two reports (revenue recognition and deferred revenue). The full RevRec license products provide revenue accounting sub-ledger features such as general ledger account mapping and monthly close options, the configuration of accounting policies such as setting Standalone Selling Prices and revenue methods for credit notes, connecting to other billing, CRM, control, and audit functions.
The table below is a high-level summary of the comparison between RevRec Quick View Reports vs RevRec full license. For more information, please contact us at revrec-reporting-support@chargebee.com.
| Features and Functions | RevRec Quick View Reports | RevRec Full License |
|---|---|---|
| Use sale prices at the line item level in an invoice for revenue recognition, with either a pro-rata or point-in-time method based on product type and invoice period. | Yes | Yes |
| Reports on monthly revenue and deferred revenue balance. | Yes | Yes |
| Multi-currency transaction and translation. | Yes | Yes |
| Discount reallocation based on pro-rata sales price. | Yes | Yes |
| Credit memo treatment configuration based on reason code. | No | Yes |
| Revenue recognition policy configuration, such as advanced SSP setup and configuration of revenue methods, including proportion performance. | No | Yes |
| Advanced revenue features - such as using subscription contract terms for revenue recognition, consolidated invoices, un-billed charges, collectibility assurance, and using custom fields to set revenue periods or for reporting purposes, etc. | No | Yes |
| Contract expense recognition. | No | Yes |
| Multi-Entity Support - consolidating reporting for multiple entity/RevRec sites. | No | Yes |
| Journal entry functions: GL account configuration and mapping, accounting close, JE generation and posting, 4/4/5 accounting calendar. | No | Yes |
| Integration with 3rd party systems, including billing, CRM and ERP, and GL systems; data import and export functions. | No | Yes |
| Control, audit functions and robust analytics and reports such as roll-forward waterfall, and trend reports. | No | Yes |
| Rich web-based UI with search functions that allow users to look at the full life cycle events and revenue recognition at the sales order or customer level. | No | Yes |
Below is a summary of the methods and revenue recognition rules applied in RevRec Quick View reports:
Month |
Month1-Month3 are open (RevRec Quick View reports) |
Month1-Month3 are closed (RevRec Full License) |
|---|---|---|
| 1 | -$10 | 0 |
| 2 | -$10 | 0 |
| 3 | -$10 | 0 |
| 4 | -$10 | -40 |
| 5-12 | -$10 (each month) | -10 (each month) |
You can directly request the upgrade from your RevRec site. Once you are logged in and navigate to any page which is not included in the RevRec Quick View reports, for example, clicking on the charts on the dashboard which would open the built-in analytic reports, you will see a prompt that access to this feature requires an upgrade.
You can either click Contact Sales to get more information or questions answered regarding the upgrade or click on Try Free for 30 Days to get on trial for a full RevRec license product. At the end of the trial period, you can choose to upgrade, or if you decide the full license is not right for you, your site will be reverted to RevRec Quick View reports.
