Process Contract Revenue
This example demonstrates the steps involved with generating revenue, reviewing exceptions, summary revenue, and billing controls.
The following table summarizes key decisions for this scenario.
Decisions to Consider |
In This Example |
---|---|
Which business unit does the contract belong to? |
Vision Operations |
Is this an external contract, intercompany contract, or interproject contract? |
External |
How frequently is revenue recognized? |
Monthly |
Generate all revenue for a contract, or only the items previously recognized? |
All |
Generate and view a summary of ineligible data? |
Yes |
Is this a multicurrency contract? |
No. The contract currency and the ledger currency of the contract business unit are the same. |
Summary of the Tasks
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Generate revenue for a contract.
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Review billing transaction exceptions.
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Review summary revenue and billing controls.
Prerequisites
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Create a project.
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Create an external contract with one contract line, and associate the project to the contract line. Submit the contract for approval.
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Approve the contract.
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Create a financial plan, assign resources, and create the budget version.
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Execute the project.
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Create and process cost transactions. The transaction dates must be within the active date range of your contract.
Generate Revenue for a Contract
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On the Overview page, click the Generate Revenue task to open the Generate Revenue process page.
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Click Parameters.
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Enter the information as shown in this table. Use the default values for all other parameter fields.
Field
Value
Business Unit
Vision Operations
From Date
Enter the first day of the month that contains your project transactions.
To Date
Enter the last day of the month that contains your project transactions.
Billing Type
External
From Contract Number
Enter your contract number.
To Contract Number
Enter your contract number.
Pending Adjustments Only
No
Generate Ineligible Data
Summary
-
Click Submit.
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Click Close.
Review Billing Transaction Exceptions
Check for revenue-specific billing transaction exceptions. One approach is to search for exceptions by parameters such as contract name, project name, or message. Another approach is to search for and review billing transaction exceptions from the Overview page.
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On the Manage Billing Transaction Exceptions task.
page, click the -
Enter the search attributes as described in the following table.
Field
Value
Business Unit
Vision Operations
Billing Type
External
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Click Search. Expenditure items or events that encountered an exception during revenue or invoice generation are returned in the search results.
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Review the Severity and Messages for the exceptions.
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Click Done.
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On the Overview page, enter the search parameters as described in the following table.
Field
Value
Business Unit
Vision Operations
Billing Type
External
-
Click the Search icon.
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In the Billing Transaction Exceptions region, click Number of Billing Transaction Exceptions for any exception.
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Review the exception details in the Exceptions by Transaction Type region.
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Click Done.
Review Summary Revenue and Billing Controls
Review summary revenue for the contract, contract line, and associated project. You can check the billing controls to review the consumed and available funds.
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On the Manage Summary Revenue task.
page, click the -
Enter the search parameters as described in the following table.
Field
Value
Business Unit
Vision Operations
Interval
Inception to Date
Accounting Period
Enter the accounting period for your transactions.
Billing Type
External
Contract Number
Enter your contract number.
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Click Search.
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In the Contract Lines.
region, click -
Review the summary for the contract line associated with your revenue transactions.
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Click Associated Projects.
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Review the summary for the project associated with your revenue transactions.
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Click Billing Controls.
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Review the amounts for the Soft Limit, Hard Limit, and Revenue Funds Available.
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Click Done.