Internal Controls Under Chapter of the Acts ofthe Comptroller is responsible for developing internal control guidelines for Commonwealth departments. As the Comptroller's business owners of internal controls, the Risk Management Team reviews and updates these guidelines which assist departments in developing Internal Control Plans based on a comprehensive assessment of risks that could impede the attainment of departments' goals and objectives. Departments are expected to identify and implement policies and procedures to mitigate risks, especially those related to the prevention of fraud, waste and abuse. Departments should familiarize themselves with the documentation and tools for best practices provided in the categories below:
At this stage, February is open. You then discover that the schedule was incorrect, so you unearn and then correctly re-earn the invoice revenue. When you re-earn revenue on invoices with non-deferred revenue scheduling rules, Receivables uses the original schedule, as illustrated by the February 2 row.
But because February is now closed, Receivables posts the February allocation to March, as illustrated by the March 2 row. If you set up a revenue policy, Receivables assigns revenue contingencies to any transaction or transaction line that violates the policy, and defers revenue on these transactions or transaction lines.
There are three policy areas that can cause the assignment of revenue contingencies: If a customer is considered not creditworthy, Receivables assigns a payment-based revenue contingency to the transaction and only recognizes revenue to the extent of payments received. If the transaction is associated with a contract that offers a refund period that exceeds the refund policy, Receivables assigns a time-based revenue contingency to the transaction and only recognizes revenue after the refund policy period expires.
If the transaction has payment terms that exceed the payment terms policy, Receivables assigns a payment-based revenue contingency to the transaction and only recognizes revenue to the extent of payments received.
Why do transactions require manual scheduling? Icq revenue and receivables a transaction has a deferred revenue scheduling rule, then all revenue is assigned to the unearned revenue account.
You recognize revenue manually for these transactions at the appropriate time, according to the revenue policy of your enterprise. For transactions assigned time-based revenue contingencies, you can recognize revenue manually if the contingency is met in advance of the specified time period, for example, a customer provides early acceptance of the terms of a post-billing customer acceptance clause.
In these cases you need to manually schedule revenue recognition. Once you manually adjust revenue, Receivables discontinues the automatic monitoring of contingencies on the related transactions.
When do I expire a revenue contingency? You can expire a revenue contingency at any time, according to the circumstances surrounding the contingency and the related transaction.
For example, you may need to expire one contingency on a transaction line and assign a new contingency to the same transaction line. In other cases, a contingency may be assigned in error to a transaction.
You can expire a time-based contingency if the terms of the contingency are met in advance of the specified time period, such as a change in time-period for a funding clause or acceptance clause.
Explained You must ensure that you enable certain settings in order to recognize revenue properly on your transactions.
These settings influence revenue recognition on your transactions: Revenue accounting requires that you assign sales credits to all transactions that can be adjusted for either revenue or sales credits. Optionally enter a value in the Sales Credit Percent Limit field on Receivables system options to limit the percentage of revenue plus non-revenue sales credit that a salesperson can have on any transaction line.
Revenue Adjustment Reason Lookup Type Use the Revenue Adjustment Reason lookup type to define reasons specific to your enterprise for making revenue adjustments. AutoAccounting based on Standard Line If AutoAccounting is set to derive accounting segments based on standard line, the transaction line must be either an inventory item or a standard memo line.
Modifying Invoices with Deferred Revenue: Explained You can modify invoice lines that have deferred revenue or revenue contingencies. You can make these modifications: Adjust revenue Modify distributions and sales credits Credit invoices Each activity has a different effect on active revenue contingencies.
Adjusting Revenue When you move revenue on an invoice line from an unearned to an earned revenue account, or vice versa, this action removes the invoice line revenue contingencies. The invoice is no longer subject to automatic revenue recognition.
This does not apply to adjustments to sales credits, because you can only adjust sales credits on revenue that has already been scheduled. Adjusting Invoices You can manually adjust an invoice with revenue contingencies.
However, if the GL Account Source for the specified adjustment activity is Revenue on Invoice, then Receivables removes the contingency from the invoice after making the adjustment. This is because AutoAccounting derives the anticipated revenue accounting distribution accounts and amounts, thereby overriding the event-based revenue management process.
If you want Receivables to continue monitoring an invoice for automatic revenue recognition, then always use a credit memo to adjust an invoice with contingencies. Modifying Distributions and Sales Credits You can manually change the accounting distributions and sales credits on an invoice with contingencies.
Receivables removes the contingencies from the invoice for these types of changes: For distributions, you change an existing accounting distribution to a revenue or any other account. For sales credits, you rerun AutoAccounting when you modify sales credits.Run your entire business with Zoho's suite of online productivity tools and SaaS applications.
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Icq - Revenue and Receivables. Topics: Revenue, General ledger, Invoice Pages: 6 ( words) Published: April 7, Business performance reviews What are the key performance indicators reviewed by management and how does management use them to monitor revenue, for. The North Carolina Office of the State Controller.
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