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If you are a Chargebee user and you are looking for a GAAP and IFRS-compliant revenue recognition solution that is easy to use, and equipped with solid controls and reporting capabilities, the Chargebee RevRec Essential is for you. It comes auto-populated with data from your Chargebee site and pre-configured with rule-based revenue allocation, reporting capabilities, and auto-accounting close.
There is minimal implementation or configuration effort required with the RevRec Essential. It automatically integrates with your Chargebee site and processes your product catalog, invoices, and sales order data. It supports default accounting treatments for revenue recognition based on industry best practices. It provides versatile control and audit support, and it is a complete solution for small and medium businesses that don't have complex sales contracts yet.
The following section covers in brief, all the capabilities and configurations offered to you on your RevRec Essential site:
Contact RevRec Support for more details on what is included in RevRec Essential.
No effort is required from you.
RevRec Essential comes with the following default reports:
| Category | Report | Description |
|---|---|---|
| Revenue | Unearned Revenue Rollforward | Tracks the deferred revenue balance (or unbilled receivable) by accounting period, as well as the activities, including sales, billings, recognized revenue, and foreign currency adjustments that impact the balances. |
| Unearned Revenue Waterfall | Forecasts the future deferred revenue balances based on the current orders and revenue recognition schedules. | |
| Sales & Invoice | Sales Order | Shows the active sales orders (contract value) and SSP allocation by accounting period. |
| Invoices | Tracks the invoices that RevRec has received, including future dated invoices. | |
| Control and Validation | Invoice Control | Tracks the invoices that RevRec has received, up to the current period. |
| Journal Entry Control | Ensure that the accounting journal entries match the total revenue recognized for the current period (no issues in GL account mapping). | |
| Job Errors | Reports the data exceptions identified during bulk upload or in automated data sync with Chargebee. | |
| Accounting | Journal Entry | Tracks the accounting journal entries for revenue based on the account mappings. |
| Forex | Forex Exchange Rates | If your site holds multi-currency transactions, this report helps track the daily close foreign exchange rates used by RevRec for foreign currency transactions. |
Yes, RevRec Essential supports both accounting close and journal entry booking. The first day after the accounting period ends, you will receive an email with preliminary results. The accounting period is automatically closed ten days after the period ends. The RevRec Essential uses the default Journal accounts in RevRec for GL mapping. You can manually download the journal entries and upload them into your general ledger accounting system.
You must close the first accounting period on your RevRec site, and RevRec will then auto-close going forward.
The Chargebee Revenue Recognition Reports track Accounting Summary, Revenue Recognition, and Deferred Revenue.
In addition to providing all the above, RevRec Essential is a system of records and sub-ledger for revenue that facilitates the end-to-end revenue recognition process with an automatic accounting period close with default accounting journal entries. It offers versatile ASC606 and IFRS15 features with improved discounts and credit notes revenue recognition. It comes with built-in control and audit support and additional insights with reports on GL accounts, Journal entries, controls, reconciliation, and roll forward.
As your business scales, you can further upgrade your RevRec Essential to more advanced plans with better capabilities.
To import any third-party data or customize the settings, you must upgrade your account to more advanced plans to import or add data to your RevRec Essential account.
Chargebee RevRec is offered in three plans - Essential, Performance, and Enterprise - each of which is tailor-made and packaged to automate revenue recognition for businesses of varied sizes and growth stages. As your business scales, you can consider upgrading to the advanced plans of RevRec that come with the following capabilities:
Contact RevRec Support for more details on RevRec advanced plans.
You can upgrade to the advanced plans in the following two ways:
