At the end of every period, the Finance team closes the period and posts the revenue totals in their GL. This allows the company to report the amount of revenue that was generated in that period. During the close process, revenue teams will be managing revenue across all agreements. The Revenue Console is used to manage all agreements and revenue for the period during the close. 

For more information on Revenue Console, refer to Using the Revenue Console.

Close Process

ActivityAction from Revenue ConsoleDescription
Generate ActualsGenerate Actual Revenue

Generate actual revenue for all the agreements.

Correct errors on Agreements if they are listed in the Eligible Agreements Report.

Review ActualsReview Summary Report and Revenue Schedule Detail ReportReview summary reports and revenue schedule detail reports for exceptions.
Correct Actuals
Correct exceptions on individual agreements and agreement fees, if found any.
Update Forecast and BudgetActual to ForecastCopy the actual revenue to the forecast revenue for accurate forecasts.
Update Forecast and BudgetForecast to BudgetCopy the forecast revenue to the budget.
Create SnapshotsCreate Forecast SnapshotCreate forecast snapshots for all the agreements.
Close PeriodClose PeriodLooks current period and advances to the next period.
Post to GLGenerate closing revenue entries and post to GLRecords recognized revenue for the current period in the GL.