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UPDATE ORGS
- Details the sync status between FLowRev and Xero. Need to ensure that the sync period covers the same period as the financial year. e.g. for FY23, this cover 1/1/2023 - 31/12/2023 (or latest date if not yet past the year end date)
- Ensure selected the correct organisation and the Xero connection is showing ‘Xero is connected’
- Ensure the following elements are selected
- Organisation
- Accounts
- Items
- Tracking
- Invoices
- A/R Credit notes
- Bills
- A/P credit notes
- Repeating invoice / bill templates (TBC)
- When all steps above complete, select ‘Update selected’ to ensure the sync to Xero is completed
RECO PARAMETERS
- The item parameters you set on this page determines the revenue recognition schedule for all invoice line items that includes this item.
- You can change the parameters for each item at any time, and the current value will be used to generate the recognition schedule for all corresponding invoice line items.
- Once a recognition schedule has been generated for an invoice line item, which you do on the Revenue page, its recognition parameters is frozen and subsequent changes via the Items page does not impact it.
- Ensure that all Recurring revenue CoS codes are mapped as monthly per diem recognition
- NB: This page includes cost accounts only. It does not include revenue as those are on a different tab
INVOICE SERVICE DATES
- The invoice service start and end dates, in conjunction with the item recognition parameters set on the Items page, lets Flowrev identify and process the invoice line items that are to be deferred from the invoice date, and the date or duration over which each is to be recognized.
- Page details a list of invoices raised in Xero over a given time period. Ensure time period covers 1/1/23 - 31/12/2023 for FY23.
GENERATE SCHEDULE
- Revenue recognition schedule
Revenue deferral: A CURRLIAB account into which Flowrev will defer revenue received in advance of services being delivered when the invoice line is mapped to a REVENUE account in the accounting system. To specify multiple deferral accounts set a custom deferral account for each revenue account of interest using advanced maps.Expense prepayments: A CURRENT asset account into which Flowrev will defer expenses paid in advance of receiving the service paid for. To specify multiple prepayment accounts set a custom prepayment account for each expense account of interest using advanced maps.General sales: A REVENUE account into which Flowrev will recognize revenue only for invoice lines mapped to a CURRLIAB account and if the invoice line is not based upon a revenue account mapped item. Otherwise, when an invoice line or the items upon which it is based is mapped to a REVENUE account, Flowrev recognizes into the line's REVENUE account.General expenses: An EXPENSE account into which Flowrev will recognize costs only for bill lines mapped to a CURRENT asset account. Otherwise, when an bill line is mapped to an EXPENSE class account, Flowrev recognizes into the line's EXPENSE account.Sales tax: A CURRLIAB account into which Flowrev will defer/recognize sales tax into - and only if sales tax deferral/recognition is tied to invoice line items deferral/recognition. If sales tax is on CASH basis, this account is not used.Rounding: A CURRLIAB account into which Flowrev will enter any amounts that arise due to rounding while aggregating journals across invoices/bills.