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Journal and Ledger
Journal entries and posting to your accounting system
Creating Journal Entries REVLOCK supports both the deferral and recognition of revenue and the capitalization and amortization of costs of obtaining a contract (sales commissions). REVLOCK uses your revenue related accounts which are mapped to your GL system making it easy to post these entries (either manually or automatically). Let's use a really simple :D example to walk through how the entries are created in REVLOCK.
REVLOCK produces Journal Entries as a part of its computation and tracking of revenue and commissions. Learn more about the journal entries produced by REVLOCK. Journal Account Types REVLOCK uses the following journal account types Revenue Accounts Contra Revenue; Deduction from gross revenue for the purpose of revenue recognition over the period of performance period. Deferred Revenue; Liability on company's ba
Journal Account Mapping
Journal Account Mapping allows you to map the internal accounts used by REVLOCK to the actual account numbers you are using in your ledger package / accounting system. Mapping Accounts Once you have connected your accounting system you can use the account mapping feature to select the account you want to use from the list pulled from your accounti