Preparing a Revenue Recognition Plan for Processing


In this topic, you will learn how to activate your contract award revenue recognition plan in order to begin the processes for booking revenue entries to the general ledger for award transactions.

 

The Award Generation process creates a revenue recognition plan and associates it with the Grants_Reimbursable contract line. To be able to process revenue for your award transactions, you need to activate the revenue recognition plan.

 

USC are using two revenue recognition methods for revenue plans: Billing Manage Revenue (Fixed Price Contracts) and as-incurred. PeopleSoft Grants only uses as-incurred.


Steps:

  1. Begin by navigating to the General Information page.

     

    Click the Main Menu button.

    Step 1

  2. Click the Customer Contracts menu.

    Step 2

  3. Click the Create and Amend menu.

    Step 3

  4. Click the General Information menu.

    Step 4

  5. Click in the Business Unit field.

    Step 5

  6. Enter the desired information into the Business Unit field.

     

    Enter "USCSP".

    Step 6

  7. Click in the Contract field.

    Step 7

  8. Enter the desired information into the Contract field.

     

    Enter "CON0000019".

    Step 8

  9. Click the Search button.

    Step 9

  10. Click the Revenue Plans link.

    Step 10

  11. Use the Assign Revenue Plan page to assign contract lines to or unassign contract lines from revenue plans. You can first define revenue plans and assign the contract lines to these existing revenue plans, or you can first assign the lines to a new revenue plan and then define the details of the revenue plan.

    Step 11

  12. Click the R101 link.

    Step 12

  13. When you define a new revenue recognition plan, the Plan System assigns a status of "New" to the plan. You can change the plan status to "Ready" when the contract becomes active. If required conditions are met, the revenue recognition plan status becomes "Ready", and it is available for the revenue recognition application engine process.

     

    Notice the Plan Status field is set to "Ready", signifying that you can now process revenue for your award transactions.

    Step 13

  14. Click the Save button.

    Step 14

Congratulations, you have successfully learned how to prepare a revenue recognition plan for processing.

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