Change Log
The latest 🎁🎁🎁from RevRec.
📢 2.21 Release Note:
Scalability and performance enhancement - support for multiple data warehouse nodes. RevRec now runs on multiple data warehouse nodes which makes backup and restore easier. It increases scalability of the warehouse to better support customers, especially those with large data volume. RevRec can migrate existing customers between different data warehouse nodes to provide better response performances.
Contract Term: 1) Direct contract expense recognition. RevRec now supports expense recognition that mirrors the contract term based revenue recognition, similar to the existing function that users can elect to recognize expenses following revenue recognition in the invoice as contract method. The direct expenses will be allocated to all line items in the subscription and recognized based on the service start and end date at each line item level, over the full subscription duration. 2) Support for voided invoices. Voided invoice will reverse out the previously invoiced amount and thus impact the deferred revenue balance for the subscription and does not affect revenue recognition or total contract value.
New QuickView report. A web UI based report that shows recognized revenue and deferred revenue balance on monthly basis at customer, subscription, invoice and product level. This report is specifically designed for invoice as contract revenue recognition with subscription and invoice ID provided for sales order and invoice.
Add the support of providing Subscription ID and Invoice Number at line item level for Sales orders, so users can more easily link the revenue recognition results to the data in source systems.
Enhancement to the RevRec website admin functions. The UI for connection configuration to third party systems such as CRM, billing and accounting systems can only be accessed by users with site admin roles. This reduces the risk of accidental or incorrect setting of the configuration which can cause data sync issues.
Introduced RevRec Reporting license for migrating existing CB customers to RevRec only.
Minor bug and stability issue fixes.
📢 2.20 release is out and here is what is in it. Happy Holidays!
Further performance and scalability enhancements for large volume data processing.
Contract term: 1) for conversion population, RevRec ETL will capture all invoices associated with the active subscriptions instead of just active invoices at the time of conversion. 2) Support discount recognition for one-time charge and ad hoc product added on day 2 to subscriptions. 3) Fixed the issue related to future service start dates in subscription that impacts revenue proration for those periods.
Analytics capability: The new monthly trend and reasonableness report can help users better understand the monthly changes in key revenue metrics, and be able to identify and attribute the main changes to the specific sale orders for a period, listed under the “Control and Validation” section. The report by default shows the monthly summary results for the four key revenue metrics: revenue, unearned revenue balance, billing and new booking, along with the respective monthly change in dollar and percentage terms. Users can open a detailed report that shows the sales order level information by clicking the ellipsis icon and selecting a specific metric. In addition, the detailed report allows users to filter the sales orders based on the change threshold to gain insight on the orders that have caused the most changes.
Dashboard update: each metric now shows the changes from prior month both in dollar and percentage, to allow for quick understanding of the revenue results. The change metrics are also added in the monthly close email notifications.
Fixed several issues related to the user export function related to multi-currency and adjustments.
Automated UI regression test for customer, product and admin pages.
Minor bug and issue fixes.
📢 2.19 release is completed for November 2022. Check out the feature list below.
Support for subscription gifting use case where the gifted subscription can be activated by another customer, which triggers the revenue recognition.
Enhancements on credit note: Chargebee users can now configure revenue recognition rules for user created, custom reason codes, vs previously RevRec supports the configuration on the standard reason codes. In addition, accounting configuration for credit notes is now available now to contract term based revenue recognition, vs previously it is only available for invoice as contract approach.
The new "Foreign Currency Translation" report shows the details behind currency translations including the specific foreign exchange rates used in revenue translation and how is the foreign currency change impact calculated, giving user more insight to their multi-currency book of business.
Enhancement to support the use of Product Code, family, or other product custom fields to create a linkage in SSP allocation between performance obligations where pricing of one product is dependent on pricing of the other i.e., simple net percent or apportioned net percent standalone policy.
Improvements in regression API and UI testing with automated tools.
Various bug fixes and stability fixes.
📢 We released 2.18 for October 2022 with the following updates.
New Feature: Added support for Chargebee Un-billed Charge API. Chargebee users that elect to use invoice as contract configuration can now leverage this feature to timely recognize revenue for subscriptions where the products and/or services are delivered but invoicing has get to occur till the next billing cycle. The direct integration allows RevRec to recognize the revenue without any manual workaround required. Additionally, RevRec will automatically pro-rate the amount of the next invoice by the un-billed charge, and accurately reflect the incremental revenue.
New Feature: For Chargebee clients who use invoice as contract and billing by contract configuration, RevRec can now show the revenue and unearned revenue balance based on the invoice number in Chargebee, on UI and MSTR reports. This allows Chargebee users to easily link revenue results with the billing data, without manual processes.
More streamlined data validation and error handling UI and process with more clear and meaningful details.
Better Strip and Hubspot data integration process, including the handling of the mismatch of invoice data from Stripe and sales order data from Hubspot.
Performance improvements related to Camunda workflow and DBSyncDriver fixes.
Minor bug and stability issue fixes.
📢 2.17 release has been released. Check them out.
New Reports: Audit trail report tracks the data changes and events carried out in RevRec, including the person who performed the event, what data/event occurred and when it happend. User can search the changes by user, event type, data type, and timing, and export the results. Security event report tracks the user log in information.
Data integration enhancement: with Charge bee to keep discount as a separate order line item instead of adjusting it against the sale price with contract term feature enabled.
Improvement to carry forward the previous day's FX rate to the current date if the transaction is taken place on a weekend or a public holiday while pulling the exchange rates from European Central Bank.
Performance optimizations to reduce response time for Sale order creation with larger volumes. These changes will significantly improve user experience especially for large volume clients.
Minor bug and stability issue fixes.
📢 2.16 has been released in July - hope everyone is enjoying the summer!
New Feature: Consolidated reporting for multiple RevRec instances that belong to the same parent entity, for billing, orders, revenue and expense recognition and journal entries. Note, RevRec's consolidation reports will maintain each child entity's own reporting currency - translations from the child entity to parent entity's reporting currency will continue to be handled in the general ledger system.
New Feature: Automatic data transfer. You can enable automatic data transfers, for RevRec input data and/or output such as revenue, expense and unearned balances and journal entries, with Amazon S3, secure FTP server and MS Excel (note, Excel is for input only), and configure the transfer frequency, e.g. daily, weekly or monthly.
New Feature: You can configure RevRec to report and post revenue journal entries in the transaction currency, and let the general ledger system do the FX translation.
Performance - improvements to support large volume dataset, in the areas of input data parallel processing, data warehouse processing, UI search (faster response) and journal entry posting.
Enhancements:
-Expense recognition can now follow the revenue recognition based on proportional performance revenue method.
- The 30/360 proration method now supports partial month terms, consistent with Chargebee’s MRR metric calculation.
- Include month over month change comparison for revenue and expense in the automatic email notification at the time of accounting period close (if enabled).
📢We released 2.15 in the middle of June 2022 with a set of great new features. Check them out.
New Feature: Hubspot Integration (EAP). RevRec now provides direct integration with Hubspot to enable data sync with subscription and invoices.
New Feature: Multi Entity - Payment Gateway. New functionality where one Chargebee instance can have multiple Rev Rec instances segregated on the basis of payment gateway defined in Chargebee for each customer.
Enhancement to expand invoice control report to cover Quickbooks, Netsuite and Stripe.
Enhancement to increase efficiency and improve performance across various UI screens.
Data integration enhancements: Enhancement that would allow users to configure the accounting treatment for credit note recognition based on credit note reason codes in Stripe.
📢. May is the time for the reveal of our fully packed 2.14 release - tons of exciting new features included!
New Feature: Expense recognition (EAP). This feature can recognize the business or contract cost associated with subscription based on user defined rules.
New Feature: RevRec Product X for Chargebee (EAP). A standardized, pre-configured RevRec software package for Chargebee users that requires minimum implementation, with invoice as contract and sale price for revenue recognition treatments.
New feature: 4-4-5 calendar accounting. A new accounting period configuration that divides a fiscal year into four 13-week quarters with each quarter containing two 4-week and one 5-week period.
New Feature: Unbilled Receivable GL booking. Added configuration to enable new GL accounts to capture Unbilled Charge as an asset that represents amounts recognized as revenue for which invoices have not yet been sent.
New Feature: Automatic Accounting Period Close. Users can now enable RevRec to automatically close an accounting period based on a pre-configured date, and receive email notifications of preliminary results and the final results as part of accounting close.
New Feature: ChargeBee Order Integration (EAP). RevRec now supports integration with Chargebee’s Order feature to manage e-commerce subscriptions. With this feature, the actual shipments of goods or services will drive revenue recognition.
New Feature: Stripe Integration (EAP). RevRec now provide direct integration with Stripe to enable data sync with subscription and invoices.
Enhancements: Long Term and Short Term Deferred Revenue disclosure report; new control reports for Revenue, invoice and Journal entry referred as validation package to reconcile inputs from ChargeBee and outputs generated by Rev Rec.
New Login/Sign up user interface.
📢We released 2.13 over the weekend with a set of great new features. Check them out.
New Feature: Credit Note Feature. New functionality that would allow users to configure the accounting treatment for credit note recognition based on credit note reason codes in ChargeBee.
New Feature: Forex rates Integration. New functionality to fetch forex rates directly from external sources i.e. OpenExchangeRate, ECB and Fixer.io for multi-currency enabled clients.
Enhancement where RevRec will auto-verify Journal Account Mappings on accounting period close process.
Enhancement to upload Forex rates via Rev Rec bulk upload mechanism for multi-currency enabled clients.
Enhancement in RevRec Login process that would allow users to sign-in/sign-up using their Google account.
Data integration enhancements: Added a configuration to keep discount at order line item level by adjusting it against the sale price instead of rolling it up as a separate order line item for Chargebee integration.
📢. February is the time for the reveal of our fully packed 2.12 release.
New user interface theme, along with improved dashboard.
New Feature: delayed revenue recognition allows users the option to not start to recognize revenue until the collectibility of revenue is certain.
New feature: Control Checks. RevRec will send alerts, analysis and proposed resolutions to users related to potential data or system issues that can help users comply with SOX compliant requirements. RevRec will automatically process and resolve the issues if the user elects to apply the proposed resolutions. Read more about this feature here.
Enhancements: book adjustments in the current accounting period if the invoice generated in closed accounting period is updated; a new ratable revenue recognition method that include full months revenue in the first month and none in the expiration month.
Improvement to associate invoices and contracts at the child customer level even if the invoice is sent at the parent level.
UI enhancements: users can now see the contract details stored in a 3rd party system through a link on Sales Order screen; create sales orders and invoices with multiple currencies.
Data integration enhancements: new configuration for Salesforce integration to split population based on different parameters if the user is using two RevRec instances; support customers having subscriptions in multiple currencies in Chargebee; new configuration for ChargeBee integration to populate orderNumber based on configurable field instead of using "InvoiceId + SubscriptionId" as Order Number; allow special characters in the order number.
Added support in RevRec for invoice integration with Xero.
* 📢 2.11 arrives @2 weeks past the New Year's Eve. Wish everyone a great 2022!
New feature: Multi-Currency. For orders transacted in foreign currency. RevRec will translate the revenue recognition related metrics to the home currency amount based on foreign exchange rate as of the transaction date (contract date or invoice date). Foreign currency exchange rate change impact is tracked in unearned revenue roll forward reports along with other reports and journal entries. Read more in our help article in Multi Currency Feature.
New feature: Customer Merge. Support customers merge through bulk load and integration with Chargebee. RevRec will assign a new “Reporting Customer ID” to the customer being merged to another customer and the user will see the“Reporting Customer id” on UI.
New Feature: Generate GL Journal Entry as a separate process. Users can now run the journal entry generation process separately before closing an accounting period. This gives users more flexibility in the accounting book. Read more here.
A new Day base revenue recognition plan based on the actual number of days in the month instead of any simplifying assumptions, and to recognize the revenue by excluding the end date of a contract by a day.
Performance optimizations to reduce response time for Sale order creation with larger volumes. These changes will significantly improve user experience especially for large volume clients.
Reporting enhancement to show standard custom fields on reports unless defined by the user. Unused custom fields won’t be visible moving forward.
Data/Integration related improvements: Added support for charge bee integration to use contract date as billing date where billing date is less than conversion date and order date is greater than conversion date. Also, sales orders having spaces in the order number are allowed.
Added support in RevRec to post journal entries based on defined custom fields into Sage Intaact accounting system, Xero accounting system, NetSuite accounting system.
📢We released 2.8 over the weekend with a set of great new features. Check them out.
Performance Obligations and their delivery terms can now be inferred automatically for a product
A new 30/360 Ratable Revenue Recognition
A new simple percent net rule in addition to percent net that fully allocates and does not leverage delivery dates
The ability to setup a beginning balance on a known date
Support for reporting in a single base currency
Improvements to Field Dereferencing Functionality, now allows more flexible definitions for both delivery start and end dates
Posted on August 21st, 2021
Happy July 4th 🇺🇲🇺🇲Everyone!! 🎆
📢We released 2.7 over the July 4th break with a set of great new features. Check them out.
Make reconciliation really easy b/w external systems and REVLOCK with a new set of controls reports for service delivery, invoices and sales orders.
Now GL postings are summarized upto the Account Level for easier consumption during posting
New Service Delivery roll forward which includes both over usage and expiration of consumption units.
New basic SSP (Standalone Selling Price) mode that auto-creates an SSP when you do not have complex revenue arrangements that need them
A New option for you to re-enable automatic data updates against an order after you make a change
A New Billing Roll-forward Report that rolls total billings forward at the customer level
You can now apply and search by external systems ids for customers and products
A much Improved Sync Summary view that is available for each Sync Job. Details out exactly what was loading as a part of the job
New much Improved Conversion Processing making it easy to bring over your initial populations
Improved view for Sales Order Items (now sorted by Delivery Start Date).
Improvements to Journal Account Mapping that allows you to update the mapping to get your GL structure just right especially when running in Setup mode.
Improved Budget vs Actual CTD reports for the planning module
Improved Settings Page.
Various Bug Fixes
Posted on July 4th, 2021
Happy Monday Everyone!!! Some new 📰from REVLOCK!
📣We just released 2.6 this evening! Some great new stuff is out there. Check out the feature list below.
Major performance improvements allow us to scale up processing of orders in the hundreds of thousands!
We know allow for Service Delivery or Consumption based contracts in REVLOCK and track their delivery and revenue
Automatic Performance Obligation that allows you to automatically create multiple performance obligations whenever a product configured with the feature is sold.
Our planning and budgeting module saw major improvements in the plan vs actual reporting functions
Improvements in the Credit Memo feature
Better Security with Multi Factor Authentication now available for user login management
Posted on April 17th, 2021
It's Monday and some more 🗞from REVLOCK!
📣We just pushed out our latest release this weekend! Check out the feature list below.
New audit view that allows you to see last update time and person for each update on a sales order
New Versioning feature which adds the ability to restore prior versions of sales orders (whether it was post a change driven by an automated sync or a person)
Streamlined UI with abilities to perform additional edit functions on products, jobs and sales orders
Chargebee 2.0 support and additional scenario support for our Chargebee integration
Improved and much more Flexible GL mapping interface that allows you to match your posting to your current GL structure.
Improved ability to clear your test environment without losing other configurations (such as your standalone selling price library).
Posted on March 8th, 2021
📢 2.21 Release Note:
Scalability and performance enhancement - support for multiple data warehouse nodes. RevRec now runs on multiple data warehouse nodes which makes backup and restore easier. It increases scalability of the warehouse to better support customers, especially those with large data volume. RevRec can migrate existing customers between different data warehouse nodes to provide better response performances.
Contract Term: 1) Direct contract expense recognition. RevRec now supports expense recognition that mirrors the contract term based revenue recognition, similar to the existing function that users can elect to recognize expenses following revenue recognition in the invoice as contract method. The direct expenses will be allocated to all line items in the subscription and recognized based on the service start and end date at each line item level, over the full subscription duration. 2) Support for voided invoices. Voided invoice will reverse out the previously invoiced amount and thus impact the deferred revenue balance for the subscription and does not affect revenue recognition or total contract value.
New QuickView report. A web UI based report that shows recognized revenue and deferred revenue balance on monthly basis at customer, subscription, invoice and product level. This report is specifically designed for invoice as contract revenue recognition with subscription and invoice ID provided for sales order and invoice.
Add the support of providing Subscription ID and Invoice Number at line item level for Sales orders, so users can more easily link the revenue recognition results to the data in source systems.
Enhancement to the RevRec website admin functions. The UI for connection configuration to third party systems such as CRM, billing and accounting systems can only be accessed by users with site admin roles. This reduces the risk of accidental or incorrect setting of the configuration which can cause data sync issues.
Introduced RevRec Reporting license for migrating existing CB customers to RevRec only.
Minor bug and stability issue fixes.
📢 2.20 release is out and here is what is in it. Happy Holidays!
Further performance and scalability enhancements for large volume data processing.
Contract term: 1) for conversion population, RevRec ETL will capture all invoices associated with the active subscriptions instead of just active invoices at the time of conversion. 2) Support discount recognition for one-time charge and ad hoc product added on day 2 to subscriptions. 3) Fixed the issue related to future service start dates in subscription that impacts revenue proration for those periods.
Analytics capability: The new monthly trend and reasonableness report can help users better understand the monthly changes in key revenue metrics, and be able to identify and attribute the main changes to the specific sale orders for a period, listed under the “Control and Validation” section. The report by default shows the monthly summary results for the four key revenue metrics: revenue, unearned revenue balance, billing and new booking, along with the respective monthly change in dollar and percentage terms. Users can open a detailed report that shows the sales order level information by clicking the ellipsis icon and selecting a specific metric. In addition, the detailed report allows users to filter the sales orders based on the change threshold to gain insight on the orders that have caused the most changes.
Dashboard update: each metric now shows the changes from prior month both in dollar and percentage, to allow for quick understanding of the revenue results. The change metrics are also added in the monthly close email notifications.
Fixed several issues related to the user export function related to multi-currency and adjustments.
Automated UI regression test for customer, product and admin pages.
Minor bug and issue fixes.
📢 2.19 release is completed for November 2022. Check out the feature list below.
Support for subscription gifting use case where the gifted subscription can be activated by another customer, which triggers the revenue recognition.
Enhancements on credit note: Chargebee users can now configure revenue recognition rules for user created, custom reason codes, vs previously RevRec supports the configuration on the standard reason codes. In addition, accounting configuration for credit notes is now available now to contract term based revenue recognition, vs previously it is only available for invoice as contract approach.
The new "Foreign Currency Translation" report shows the details behind currency translations including the specific foreign exchange rates used in revenue translation and how is the foreign currency change impact calculated, giving user more insight to their multi-currency book of business.
Enhancement to support the use of Product Code, family, or other product custom fields to create a linkage in SSP allocation between performance obligations where pricing of one product is dependent on pricing of the other i.e., simple net percent or apportioned net percent standalone policy.
Improvements in regression API and UI testing with automated tools.
Various bug fixes and stability fixes.
📢 We released 2.18 for October 2022 with the following updates.
New Feature: Added support for Chargebee Un-billed Charge API. Chargebee users that elect to use invoice as contract configuration can now leverage this feature to timely recognize revenue for subscriptions where the products and/or services are delivered but invoicing has get to occur till the next billing cycle. The direct integration allows RevRec to recognize the revenue without any manual workaround required. Additionally, RevRec will automatically pro-rate the amount of the next invoice by the un-billed charge, and accurately reflect the incremental revenue.
New Feature: For Chargebee clients who use invoice as contract and billing by contract configuration, RevRec can now show the revenue and unearned revenue balance based on the invoice number in Chargebee, on UI and MSTR reports. This allows Chargebee users to easily link revenue results with the billing data, without manual processes.
More streamlined data validation and error handling UI and process with more clear and meaningful details.
Better Strip and Hubspot data integration process, including the handling of the mismatch of invoice data from Stripe and sales order data from Hubspot.
Performance improvements related to Camunda workflow and DBSyncDriver fixes.
Minor bug and stability issue fixes.
📢 2.17 release has been released. Check them out.
New Reports: Audit trail report tracks the data changes and events carried out in RevRec, including the person who performed the event, what data/event occurred and when it happend. User can search the changes by user, event type, data type, and timing, and export the results. Security event report tracks the user log in information.
Data integration enhancement: with Charge bee to keep discount as a separate order line item instead of adjusting it against the sale price with contract term feature enabled.
Improvement to carry forward the previous day's FX rate to the current date if the transaction is taken place on a weekend or a public holiday while pulling the exchange rates from European Central Bank.
Performance optimizations to reduce response time for Sale order creation with larger volumes. These changes will significantly improve user experience especially for large volume clients.
Minor bug and stability issue fixes.
📢 2.16 has been released in July - hope everyone is enjoying the summer!
New Feature: Consolidated reporting for multiple RevRec instances that belong to the same parent entity, for billing, orders, revenue and expense recognition and journal entries. Note, RevRec's consolidation reports will maintain each child entity's own reporting currency - translations from the child entity to parent entity's reporting currency will continue to be handled in the general ledger system.
New Feature: Automatic data transfer. You can enable automatic data transfers, for RevRec input data and/or output such as revenue, expense and unearned balances and journal entries, with Amazon S3, secure FTP server and MS Excel (note, Excel is for input only), and configure the transfer frequency, e.g. daily, weekly or monthly.
New Feature: You can configure RevRec to report and post revenue journal entries in the transaction currency, and let the general ledger system do the FX translation.
Performance - improvements to support large volume dataset, in the areas of input data parallel processing, data warehouse processing, UI search (faster response) and journal entry posting.
Enhancements:
-Expense recognition can now follow the revenue recognition based on proportional performance revenue method.
- The 30/360 proration method now supports partial month terms, consistent with Chargebee’s MRR metric calculation.
- Include month over month change comparison for revenue and expense in the automatic email notification at the time of accounting period close (if enabled).
📢We released 2.15 in the middle of June 2022 with a set of great new features. Check them out.
New Feature: Hubspot Integration (EAP). RevRec now provides direct integration with Hubspot to enable data sync with subscription and invoices.
New Feature: Multi Entity - Payment Gateway. New functionality where one Chargebee instance can have multiple Rev Rec instances segregated on the basis of payment gateway defined in Chargebee for each customer.
Enhancement to expand invoice control report to cover Quickbooks, Netsuite and Stripe.
Enhancement to increase efficiency and improve performance across various UI screens.
Data integration enhancements: Enhancement that would allow users to configure the accounting treatment for credit note recognition based on credit note reason codes in Stripe.
📢. May is the time for the reveal of our fully packed 2.14 release - tons of exciting new features included!
New Feature: Expense recognition (EAP). This feature can recognize the business or contract cost associated with subscription based on user defined rules.
New Feature: RevRec Product X for Chargebee (EAP). A standardized, pre-configured RevRec software package for Chargebee users that requires minimum implementation, with invoice as contract and sale price for revenue recognition treatments.
New feature: 4-4-5 calendar accounting. A new accounting period configuration that divides a fiscal year into four 13-week quarters with each quarter containing two 4-week and one 5-week period.
New Feature: Unbilled Receivable GL booking. Added configuration to enable new GL accounts to capture Unbilled Charge as an asset that represents amounts recognized as revenue for which invoices have not yet been sent.
New Feature: Automatic Accounting Period Close. Users can now enable RevRec to automatically close an accounting period based on a pre-configured date, and receive email notifications of preliminary results and the final results as part of accounting close.
New Feature: ChargeBee Order Integration (EAP). RevRec now supports integration with Chargebee’s Order feature to manage e-commerce subscriptions. With this feature, the actual shipments of goods or services will drive revenue recognition.
New Feature: Stripe Integration (EAP). RevRec now provide direct integration with Stripe to enable data sync with subscription and invoices.
Enhancements: Long Term and Short Term Deferred Revenue disclosure report; new control reports for Revenue, invoice and Journal entry referred as validation package to reconcile inputs from ChargeBee and outputs generated by Rev Rec.
New Login/Sign up user interface.
📢We released 2.13 over the weekend with a set of great new features. Check them out.
New Feature: Credit Note Feature. New functionality that would allow users to configure the accounting treatment for credit note recognition based on credit note reason codes in ChargeBee.
New Feature: Forex rates Integration. New functionality to fetch forex rates directly from external sources i.e. OpenExchangeRate, ECB and Fixer.io for multi-currency enabled clients.
Enhancement where RevRec will auto-verify Journal Account Mappings on accounting period close process.
Enhancement to upload Forex rates via Rev Rec bulk upload mechanism for multi-currency enabled clients.
Enhancement in RevRec Login process that would allow users to sign-in/sign-up using their Google account.
Data integration enhancements: Added a configuration to keep discount at order line item level by adjusting it against the sale price instead of rolling it up as a separate order line item for Chargebee integration.
📢. February is the time for the reveal of our fully packed 2.12 release.
New user interface theme, along with improved dashboard.
New Feature: delayed revenue recognition allows users the option to not start to recognize revenue until the collectibility of revenue is certain.
New feature: Control Checks. RevRec will send alerts, analysis and proposed resolutions to users related to potential data or system issues that can help users comply with SOX compliant requirements. RevRec will automatically process and resolve the issues if the user elects to apply the proposed resolutions. Read more about this feature here.
Enhancements: book adjustments in the current accounting period if the invoice generated in closed accounting period is updated; a new ratable revenue recognition method that include full months revenue in the first month and none in the expiration month.
Improvement to associate invoices and contracts at the child customer level even if the invoice is sent at the parent level.
UI enhancements: users can now see the contract details stored in a 3rd party system through a link on Sales Order screen; create sales orders and invoices with multiple currencies.
Data integration enhancements: new configuration for Salesforce integration to split population based on different parameters if the user is using two RevRec instances; support customers having subscriptions in multiple currencies in Chargebee; new configuration for ChargeBee integration to populate orderNumber based on configurable field instead of using "InvoiceId + SubscriptionId" as Order Number; allow special characters in the order number.
Added support in RevRec for invoice integration with Xero.
* 📢 2.11 arrives @2 weeks past the New Year's Eve. Wish everyone a great 2022!
New feature: Multi-Currency. For orders transacted in foreign currency. RevRec will translate the revenue recognition related metrics to the home currency amount based on foreign exchange rate as of the transaction date (contract date or invoice date). Foreign currency exchange rate change impact is tracked in unearned revenue roll forward reports along with other reports and journal entries. Read more in our help article in Multi Currency Feature.
New feature: Customer Merge. Support customers merge through bulk load and integration with Chargebee. RevRec will assign a new “Reporting Customer ID” to the customer being merged to another customer and the user will see the“Reporting Customer id” on UI.
New Feature: Generate GL Journal Entry as a separate process. Users can now run the journal entry generation process separately before closing an accounting period. This gives users more flexibility in the accounting book. Read more here.
A new Day base revenue recognition plan based on the actual number of days in the month instead of any simplifying assumptions, and to recognize the revenue by excluding the end date of a contract by a day.
Performance optimizations to reduce response time for Sale order creation with larger volumes. These changes will significantly improve user experience especially for large volume clients.
Reporting enhancement to show standard custom fields on reports unless defined by the user. Unused custom fields won’t be visible moving forward.
Data/Integration related improvements: Added support for charge bee integration to use contract date as billing date where billing date is less than conversion date and order date is greater than conversion date. Also, sales orders having spaces in the order number are allowed.
Added support in RevRec to post journal entries based on defined custom fields into Sage Intaact accounting system, Xero accounting system, NetSuite accounting system.
📢We released 2.8 over the weekend with a set of great new features. Check them out.
Performance Obligations and their delivery terms can now be inferred automatically for a product
A new 30/360 Ratable Revenue Recognition
A new simple percent net rule in addition to percent net that fully allocates and does not leverage delivery dates
The ability to setup a beginning balance on a known date
Support for reporting in a single base currency
Improvements to Field Dereferencing Functionality, now allows more flexible definitions for both delivery start and end dates
Posted on August 21st, 2021
Happy July 4th 🇺🇲🇺🇲Everyone!! 🎆
📢We released 2.7 over the July 4th break with a set of great new features. Check them out.
Make reconciliation really easy b/w external systems and REVLOCK with a new set of controls reports for service delivery, invoices and sales orders.
Now GL postings are summarized upto the Account Level for easier consumption during posting
New Service Delivery roll forward which includes both over usage and expiration of consumption units.
New basic SSP (Standalone Selling Price) mode that auto-creates an SSP when you do not have complex revenue arrangements that need them
A New option for you to re-enable automatic data updates against an order after you make a change
A New Billing Roll-forward Report that rolls total billings forward at the customer level
You can now apply and search by external systems ids for customers and products
A much Improved Sync Summary view that is available for each Sync Job. Details out exactly what was loading as a part of the job
New much Improved Conversion Processing making it easy to bring over your initial populations
Improved view for Sales Order Items (now sorted by Delivery Start Date).
Improvements to Journal Account Mapping that allows you to update the mapping to get your GL structure just right especially when running in Setup mode.
Improved Budget vs Actual CTD reports for the planning module
Improved Settings Page.
Various Bug Fixes
Posted on July 4th, 2021
Happy Monday Everyone!!! Some new 📰from REVLOCK!
📣We just released 2.6 this evening! Some great new stuff is out there. Check out the feature list below.
Major performance improvements allow us to scale up processing of orders in the hundreds of thousands!
We know allow for Service Delivery or Consumption based contracts in REVLOCK and track their delivery and revenue
Automatic Performance Obligation that allows you to automatically create multiple performance obligations whenever a product configured with the feature is sold.
Our planning and budgeting module saw major improvements in the plan vs actual reporting functions
Improvements in the Credit Memo feature
Better Security with Multi Factor Authentication now available for user login management
Posted on April 17th, 2021
It's Monday and some more 🗞from REVLOCK!
📣We just pushed out our latest release this weekend! Check out the feature list below.
New audit view that allows you to see last update time and person for each update on a sales order
New Versioning feature which adds the ability to restore prior versions of sales orders (whether it was post a change driven by an automated sync or a person)
Streamlined UI with abilities to perform additional edit functions on products, jobs and sales orders
Chargebee 2.0 support and additional scenario support for our Chargebee integration
Improved and much more Flexible GL mapping interface that allows you to match your posting to your current GL structure.
Improved ability to clear your test environment without losing other configurations (such as your standalone selling price library).
Posted on March 8th, 2021
Updated on: 17/01/2023
Thank you!