The latest 🎁🎁🎁from RevRec.

📢We released 2.15 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.

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
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