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RevRec-The Basic, accounting, reporting, period, difference, RevRec

What is the difference between accounting and reporting period in RevRec?

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2022-11-18T12:36:32Z

2023-01-04T09:26:23Z

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What is the difference between accounting and reporting period in RevRec?

What is the difference between accounting and reporting period in RevRec? 

Scope

Reporting period in RevRec

The accounting period in RevRec

Solution

Accounting Period
 Reporting Period
The accounting period is a range of time periods during which accounting functions and financial statements are prepared for an organization. 

The reporting period is a concept that helps control the amount of historical data that is displayed within RevRec's MicroStrategy-based reports.
It is the period for which the most up-to-date revenue recognition is reported. RevRec uses the accounting period to categorize what transactional data belongs to which period.
 It is the historical period for which the RevRec reports display data from the current closed period.

  1. Log in to your RevRec site and switch to the right environment.

  2. On the Home page, the Accounting Period is visible in the top toolbar.

  3. Click the Accounting Period drop-down and click the more icon to set the period.

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  4. Set the Year and Month fields using the respective drop-downs as required and click close.

  1. Log in to your RevRec site and switch to the right environment

  2. Click Settings > Configure > Minimum Reporting Period.

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  3. Select the number of months for which you want the reports to display data from the current close period. This setting defaults to 12 months, you can increase or decrease this based on your requirement.

  4. Click Save.

Once closed or locked, you cannot change the revenue recognition or accounting numbers for that period in RevRec.

When you make any modifications to sales orders from prior periods that are closed, the net effect or impact of your modifications gets recognized in the current open period.


 Note that this only affects how far in the past you can see plan data on the reporting and in no way affects any of the internally computed schedules in RevRec.

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