Revenue Recognition System
Allows You To Describe How Work Efforts Will Be Funded, Produces Invoice Information Required By Funding Source, Creates Audit Trail Invoices... And More
Get Required Invoicing, Reporting & Audit Trail Detail -- Plus Automatic Posting Of Revenues To Accounts Receivable -- Based On Your Funding Parameters And Information From Project Cost Management System & Accounts Receivable.
Quick Invoicing, Reporting, Audit Trail Invoices & More
The Revenue Recognition System enables you to enter and maintain descriptions about how all work efforts are to be funded whether grant, tax or enterprise related. In addition, based on this funding description (which includes dates & match requirements) -- plus other information contained in the Project Cost Management System and the Accounts Receivable .
The Revenue Recognition System will generate a list of invoices required by funding source, grant and project. (Invoices are produced as expenses are incurred from Project Cost Management System, from Time Sheets via the Staff Time Reporting System and from Accounts Payable Management System, etc.) Further, the system will create audit trail invoices and post revenues automatically to the Accounts Receivable.
Using the Revenue Recognition System, you can accurately describe how each program or project work element is going to be paid. You can record the timing and other stipulations of grant or funding source payout. The Revenue Recognition System easily handles multiple sources of revenue. You can define which grants are going to pay in which portions. Each grant can have its own range of dates. Plus each match may have one or more requirements.
The system provides for "overfunding" situations. It (optionally) permits funding past the end-date of the grant. And, the system also gives you a mechanism for forcing certain portions of funds to be spent first.
Easily Enter & Maintain Descriptions About How All Work Efforts Will Be Funded
Finally, the Revenue Recognition System readily accommodates "In-Kind" funding matches. (One example of this is when volunteers work for an organization, they provide services -- which have a market dollar value -- free to the agency. The system makes it easy to treat the savings provided by such volunteer labor & services as a source of "In-Kind" funding.)
Simplifies The Complex Funding Environment Faced By Agencies
The Revenue Recognition System was created to simplify the complex funding environment faced by almost all agencies.
Typically, funding sources are both multiple and diverse with widely varying start & finish dates, matching specifications, reporting requirements, and management restrictions. Handling this diversity with a lesser system or with a partially manual system puts the agency at a distinct disadvantage. The very complexity of fund reporting, invoicing, auditing & administration dictates use of a system whose breadth of capabilities fully matches the diversity of your situation.
Using the Revenue Recognition System, your organization will be able to manage the process of revenue recognition with greater efficiency, accuracy and flow-through than ever before.
Greater Flexibility, Integration, User Ease & Convenience
- Greatly simplifies process of invoicing on grants & funding sources
- Allows for improved cash flow because invoicing is faster & more accurate
- Provides on-screen access plus printed reports about funding information
- Handles multiple sources of revenues, each with different funding dates & matches
- Optionally permits overfunding, funding past grant end-date, & funding from "In-Kind" matches
- Includes easy mechanism for forcing certain portions of funds to be spent first
- Enables complete, accurate description of how each work effort will be funded
- Conveniently lists & produces invoices as required by each funding source
- Creates audit trail invoices & provides for comprehensive audit record
- Automatically posts revenues to the Accounts Receivable
- Fully integrated with Regional Council Management System Project Cost Management System, Accounts Payable Management System, Accounts Receivable & Staff Time Reporting System