Update the Freeze Date for Revenue Accounting Contracts

The freeze date is the date when the revenue accounting contract includes all of the performance obligations and is ready for the application to determine the transaction price.

To update the freeze date:

• Update the freeze date manually in the Edit Customer Contract page.
• Select multiple contracts in the Manage Customer Contracts page and select the Freeze action to update the freeze date for all of the selected contracts. When you update the freeze date for multiple contracts, all contracts are set to the same freeze date.

You can update the freeze date for open revenue accounting contracts for up to 1000 contracts in a single request quickly and efficiently. Search for contracts in the Manage Customer Contracts page that are pending allocation or that have an allocation pending reason of Awaiting Contract Freeze. Further refine your search results by using the various search criteria available in the Manage Customer Contracts page.

Freeze open contracts in bulk and then process them during period-end processing when there are large numbers of contracts that are closed before the contract freeze date.

You can update the freeze date to either the current date or a future date.

• Select the current date to:
  • Freeze the selected contracts immediately.
  • Process the contracts to determine the transaction price.
  • Allocate the transaction price across the performance obligations.
  • Recognize revenue.
  • Perform additional accounting procedures.
• Change the freeze date to a date in the future when you expect that all of the performance obligations will be finalized. The selected contracts will freeze on this date.

The contract identification rule that you used to create the revenue contract determines the freeze date based on freeze period. The contract is ready for processing when the application determines the final transaction price and the freeze date is on or before the current date.