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.

Close Process

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.