Gains and Losses for Revenue Generation in Vision 7.0
In 7.0, there is a new feature that applies if you use the Multicurrency. The general ledger debit and credit account distribution for value changes due to exchange rate fluctuations of unbilled services during Revenue Generation posting has changed.
Before 7.0, the unbilled services offset entry for exchange rate fluctuations went to the uninvoiced revenue account. Now the gains and losses are allocated to the appropriate unrealized gains or losses accounts. This allows you to differentiate unbilled gains and losses from unbilled revenue in both project reports and the general ledger.
- You specify the unrealized gains and losses accounts on the Gains and Losses tab in Accounting Company Settings (Configuration » Accounting » Company Settings) or in Individual Organization Configuration (Configuration» Organization » Individual).
- When Revenue Generation calculates unbilled services to zero in the billing currency, the unbilled services unrealized gains and losses is reversed, and the offset entry is allocated to uninvoiced revenue.
- The new gains and losses capabilities in Revenue Generation replace the Calculate revenue separately in billing, project, and functional currencies option in User Defined Revenue Configuration. This replaced option had been designed to prevent gains and losses from being calculated on unbilled services at all. See the “Calculate Revenue Separately in Billing, Project, and Functional Currencies” description on page 20 of the Release Notes for more information.
- For transactions with zero cost be aware of the following: When you report billing amounts in the project currency, the billing extension is stored in the project currency. If the transaction does not have an associated cost, Vision is unable to do proration to translate the billing extension to the billing currency during Revenue Generation.
- The Gains Losses and Revaluations Detail report (Reporting » Accounting) was updated to include a section for unbilled services.
- The unbilled services line of the File Reconciliation report (Utilities » Advanced Utilities » File Reconciliation) was updated to include the Revenue Generation adjusting entries to unbilled services due to gains or losses against the sub ledger.
- New Unbilled Gain/Loss and Adjusted Unbilled columns were added to the Office Earnings, Project Summary, and Project Earnings reports in Reporting » Projects. These columns display revenue and unbilled values. This allows you to match the unbilled value to the general ledger and the File Reconciliation report.
- On the Revenue Generation Transaction List report and the Revenue Generation Posting log (Transaction Center » Transaction Lists and Transaction Center » Posting Logs):
- The Functional Currency Adjustment column replaces the Functional Currency Current Revenue column.
- The Project Currency Adjustment column replaces the Project Currency Current Revenue column.
- On the Journal Entry Transaction List report (Transaction Center » Transaction), the consolidated automatic entries to the gains and losses projects are sorted at the bottom of the Details section.
- On the Journal Entry Posting Log report (Transaction Center » Posting Logs), the consolidated automatic entries to the gains and losses projects display in the Summary section.
- The following fields related to this new feature were added to the Analysis Cubes: Unbilled Gain/Loss and Adjusted Unbilled were added to the Values » Unbilled measures folder and the Values » Unbilled-Multicurrency measures folder in the project data cube.
- The Refresh PR Summary Table utility (Utilities » Advanced) has been updated to include the new Unbilled Gain/Loss and the Adjusted Unbilled columns that were added to the Office Earnings, Project Summary, and Project Earnings reports.
For more information on Multicurrency see my previous blog on Multi-Currency: