As part of period closing and at various times within a period, finance teams want the ability to forecast revenue for future periods for all agreements. Generate Forecast and Rollback Forecast buttons allow finance teams to manage forecasts for all agreements and agreement fees belonging to a particular Legal Entity with a single action.
You can perform following actions to manage Forecast Revenue using Revenue Console.
- Generate Revenue Forecast
- Rollback Revenue Forecast
Execution of Generate Revenue Forecast or Rollback Revenue Forecast batch creates a record in the Revenue Run Result object. If the batch job execution fails or any agreement is not processed, a record is created in the Revenue Run Result Entry object.
Revenue Run Result Entry captures the failure result of the batch job. A The email notification is sent to the email ID of the logged in user. Email notification contains the following information:
- Number of batch jobs processed
- Number of Agreements Processed
- Number of Agreements Successfully Processed
- Number of Failed/Filtered/Invalid Agreements.
In case a batch job fails, the email notification contains a .csv file with error details and error message about the root cause of the batch job failure.
To enable email notifications, set Enable Email Notification as true from Revenue System Properties.
Generate Forecast Revenue
Generate Forecast Revenue generates forecast revenue for the entire term of each agreement fee.
The Generate Forecast button runs the Generate Forecast Revenue Job on all agreements. Requirements for generating forecast revenue for each agreement and agreement fee are unchanged from the Generate Forecast Revenue job which can be run from individual agreements. For more information on Generate Forecast Revenue job, refer to Generate Forecast Revenue.
Number of Agreements Ready for Forecast provides a count for all agreements that will be impacted by Generate Forecast action.
Note
Number of Agreements Ready for Forecast will be zero after the job completes.
To generate forecast revenue using Revenue Console
Click the Revenue Console tab.
Select the Legal Entity.
Click Generate Forecast.
Note
The appropriate process begins and you are redirected to the Revenue Run Result Detail page.
Click Return.
Note
Agreement Revenue Schedules will be updated to include forecasted revenue.
Rollback Forecast Revenue
Rollback Forecast Revenue reverses the forecasted revenue for all periods for all agreement fees for a legal entity.
The Rollback Forecast button runs the Rollback Forecast Revenue Job on all eligible agreements. Requirements for rolling back forecast revenue for each agreement and agreement fee are unchanged from the Rollback Forecast Revenue job which can be run from individual agreements. For more information on Rollback Forecast Revenue, refer to Rollback Forecast Revenue.
After this job completes, Eligible Agreements Report contains all agreements where:
- RevRec Forecast Active box must be checked on the Revenue Agreement.
- Status Category must be In Effect.
- Status must be Activated.
To rollback forecasted revenue using Revenue Console.
Click the Revenue Console tab.
Select the Legal Entity.
Click Rollback Forecast.
Note
The appropriate process begins and you are redirected to the Revenue Run Result Detail page.
Click Return.
Note
Agreement Revenue Schedules will be updated to include rollback of forecasted revenue.
