Articles on: Setup

Setup Overview

In order to setup REVLOCK you need to perform the following steps

Bring in your data
Setup your Standalone Selling Price (SSP) library
Configure your Accounting Posting Process
Convert from an existing accounting process
Close your first accounting period

1. Bring in your data

There are several ways you can bring your sales and billing data into REVLOCK

Record Sales Directly

You can record or edit your invoices and sales directly in REVLOCK. Learn how

Import transactions in bulk

Using our bulk import tool to import your data without connecting systems together. Learn how.
You can download our data template and immediately start getting your data in.

Setup automated sync with your systems

Connect directly with your CRM, invoicing and delivery or operational systems leveraging our Connect function. Learn how it easy it is to connect all your data together or just click the connect button

2. Setup of your SSP

In order to compute revenue recognition in accordance with the Accounting Standards (ASC 606), all companies need to maintain a Stand-Alone Selling Price ("SSP") Library.
This SSP Library is maintained in RevLock and is used to re-allocate revenue.

For more details on setting up your SSP Library, check out the below articles
Revenue Arrangements
SSP Library Fundamentals
Understanding SSP Rules
Updating your SSP library

3. SSP Analyzer

You can also quickly leverage the SSP analyzer that will analyze your historical sales to help you setup or adjust your SSP library quickly. You can find this in the SSP library section labeled as the SSP analyzer

4. Configure your Accounting Posting Process

REVLOCK produces entries that will setup your deferred revenue and commissions balances on your GL. You can read how our posting process works here.

In addition it will maintain these balances using revenue and commission expense entries. You can read more about how to configure these to produce entries with your specific account numbers here.

5. Convert from an existing accounting process

Before you can go live with REVLOCK you will need to determine how you would like to convert from your existing accounting process into the ASC 606 process supported by REVLOCK. There are several options that are available that you can read about here.

6. Close your first accounting period

Now that you have run through how you want to convert and have the system fully configured you can go and close your first accounting period.

And then you are done!

Updated on: 07/12/2020

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