Scenario Resolve Error: “Error: An unexpected error occurred during this process” when Updating Revenue Plans within Revenue Arrangement record Solution Possible Resolution: See if there is conflict with Auto-Generated Numbers In Global Search, search for Revenue Recognition Plans Click the result Page: Revenue Recognition Plans Quick Sort: Set to Recently Created Take note of the recent revenue plan number (e.g. 32151)… Continue reading Resolve Error: “An unexpected error occurred during this process.” when Updating Revenue Plans
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Revenue Recognition in Insurance Business
Here’s an overview of how revenue recognition works for insurance contracts under IFRS: Contractual Service Margin (CSM): One of the key concepts introduced by IFRS 17 is the Contractual Service Margin (CSM). The CSM represents the unearned profit on insurance contracts at the inception of the contract. Revenue is recognized over the coverage period as… Continue reading Revenue Recognition in Insurance Business
Revenue recognition in Software Consulting
Here’s how revenue recognition generally works in a software consulting business: Identifying the Contract: The first step is to determine whether a contract exists with a customer. A contract is a legally enforceable agreement that specifies the rights and obligations of both the customer and the software consulting company. Identifying Performance Obligations: Next, the software… Continue reading Revenue recognition in Software Consulting