• 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

1. 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

1. 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
2. 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

1. 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
2. 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
3. How do we automate/send reminders for invoices that are due?

Cash entries a= nd payments

1. 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

1. 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

1. 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= >
2. How does the revenue recognition process work from posting an inv= oice to completion?
3. What are the definitions of the different reference numbers and h= ow do they relate with one another?
1. Transaction - TRN-xxx
2. Journal - J-xxx
3. Revenue recognition transaction - RT xxx
4. Revenue recognition transaction line - RTL xxx
5. Sales invoice - SIN xxx
4. How do we correctly run AP and AR aging repors?
5. How do we generate multi-currency reports?