Download page Post.
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.
The Close Process is the activities that are performed by the Finance team to finalize the numbers they will report on their financial statements. The Revenue Recognition Close is the portion of close which relates to finalizing their revenue numbers for the period. The diagram below depicts the Close Process used in Conga.
The details of each activity and its related activity from Revenue Console is described in the table.
|Activity||Action from Revenue Console||Description|
|Generate Actuals||Generate Actual Revenue|
Generate actual revenue for all the agreements.
Correct errors on Agreements if they are listed in the Eligible Agreements Report.
|Review Actuals||Review Summary Report and Revenue Schedule Detail Report||Review 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 Budget||Actual to Forecast||Copy the actual revenue to the forecast revenue for accurate forecasts.|
|Update Forecast and Budget||Forecast to Budget||Copy the forecast revenue to the budget.|
|Create Snapshots||Create Forecast Snapshot||Create forecast snapshots for all the agreements.|
|Close Period||Close Period||Looks current period and advances to the next period.|
|Post to GL||Generate closing revenue entries and post to GL||Records recognized revenue for the current period in the GL.|