- Inter-company
- Management Reporting
- Budgeting
- Automating Invoices and Cash Collection
- Cash entries a= nd payments
- Revenue recognitio= n
Inter-company
- How to post ICO entries: a) journals, b) sales/payable invoices or c) cash TB notes: TB to improve understanding of the issues here, eventually will need Jamie’s input
- How do we create a ICO report that adds to zero across the matrix?
- TB notes: contingent upon the point above being carried out
Management Reporting
- How do we create management reports where costs are shown in the correc= t management reporting (e.g. some of TCSL costs belong to Telency)?TB n= otes: I will explore doing this without using the consulting hours - suppor= t should be able to give some indication whether Six Fins Costs for TCSL ca= n be recategorised as Telsis Systems Limited. Costs that will need to be tr= ansferred are: 1) Six Fins COS, 2) 20% of relevant employee salaries - are = there others?
Budgeting
- How to set P&L budgets for each Company?TB notes: Best to ask o= utside of consulting hours - seems a pretty standard thing that FF customer= s would want
- How to create monthly Actual vs Budget variance reports automatically f= or each Company and the Group?
TB notes: will ask outside of consulting hours
Automating Invoices and Cash Collection
- How can we create automated invoices (e.g. Telency)?TB notes: can y= ou clarify what this means? We need Jamie’s help for this
- How can we create workflow so that new invoices generated (automaticall= y) go to another team member for approval and once approved, it goes to the= customer directly?TB notes: we need Jamie for this
- How do we automate/send reminders for invoices that are due?
Cash entries a= nd payments
- How do you create a CSV export file for payments and then upload to HSB= C? Need to test this properly.
TB notes: requires Jamie attention
Revenue recognitio= n
- How do you post automatic journals for recurrring revenue every month? = Maybe this is happenning already.
TB notes: Will check with Terri, I believe that 1/12 of deferred recurri= ng revenue is automatically realised every month. Not sure
Actions
- Update the training notes below based on your understanding - SUN= DAY
- Enter all sales invoices that are missing from FF and SET the cor= rect start date and end dates - SUNDAY
- Send a note to the FF consultant to setup a 30 minute call ASAP -= SUNDAY
- Send the note to Jamie Hall on the timings - SUNDAY
- Sit with Terri, go through her process of entering sales invoices= , revenue recognition and how to reverse them - update the training notes b= elow - MONDAY
- Once you have been trained, post ALL RR transactions for MB on FF= - MONDAY
- Get a copy of the ICO transactions summary she has pulled togethe= r for end Nov - MONDAY
- Understand how Terri posts the ICO transactions - MONDAY</= li>
- Given instructions to Terri on what she needs to do to bring Tels= is up to date - MONDAY
- Create an excel table for all ICO transactions and post the missi= ng entries on FF - TUESDAY
Training
Different types of reference numbers
- Transaction - TRN-xxx
- Journal - J-xxx
- Revenue recognition transaction - RT
- Revenue recognition transaction line - RTL
General
- Transactions could be a journal, sales invoice, purchase invoice,= etc.
- RT appear to be automatically posted when a new journal is create= d?? Or is RT automatically posed under Recognise Revenue submission?=
- RT transactions can be in progress or committed
Creating RR rules at a Sales Invoice Level
- Recurring revenue
- Enter sales invoice under the relevant account (e.g. BT TV)</span= >
- Create a =E2=80=9CSales Invoice Line Item=E2=80=9D
- Set contract start date and end date for the purposes of RR</span= >
- Select RR template =E2=80=9CSales Invoice Line Items - Monthly Sp= lit=E2=80=9D
- Non-recurring revenue
- Enter sales invoice under the relevant account (e.g. BT TV)</span= >
- Create a =E2=80=9CSales Invoice Line Item=E2=80=9D
- Set contract start date and end date for the purposes of RR</span= >
- Select RR template =E2=80=9CSales Invoice Line Item - % Complete= =E2=80=9D ??? If so, how do you set multiple percentages?
Recognise Revenue
- Goto =E2=80=9CRecognise Revenue=E2=80=9D tab
- Set the end date of the revenue recognition period
- Select all the invoices where we should recognise revenue<= /li>
- Submit
- Give it a RR description
- Select the month when revenue should be recognised
How to discard incorrect recognised and committed RR transactions<= /span>
- Do we have to delete the respective journal first and then discar= d the transaction?
Goal
Revenue recognition - we track revenue recognition manually and al= so in financial force. For our audit, we want to understand why there are d= iscrepancies and make the necessary alterations.
Problem
We can identify that there is a difference between our manually ca= lculated number and the one calculated in PL BS Detail report. However, whe= n we go into the details of the relevant nominal ledger code (GL Details) w= e cannot see by invoice the breakdown of the total for the nominal code (wh= ich is how our manual sheet is organised). Furthermore, when we look at the= revenue recognised by invoice in the report =E2=80=9CRevenue Recognition S= ummary - Invoices=E2=80=9D, the total sum of all invoices recognised is dif= ferent from the nominal ledger code for Revenue in the =E2=80=9CPL BS Detai= l=E2=80=9D report.
Specific questions
- How can we see in one place a) revenue recognised by invoice and = b) revenue recognised/included in P&L report by some other means?</span= >
- How does the revenue recognition process work from posting an inv= oice to completion?
- What are the definitions of the different reference numbers and h= ow do they relate with one another?
- Transaction - TRN-xxx
- Journal - J-xxx
- Revenue recognition transaction - RT xxx
- Revenue recognition transaction line - RTL xxx
- Sales invoice - SIN xxx
- How do we correctly run AP and AR aging repors?
- How do we generate multi-currency reports?