Defining Meeting/Session Product Revenue Accounts

This task defines the income and deferred revenue accounts used in sales and receipt transactions. Revenue can be distributed across multiple accounts or companies by percentage of the sales amount. Where multi-company transactions exist, Personify will create inter-company transactions for the revenue distribution.

Details associated with this task should not be defined without input from the Accounting/Finance department.

To define Revenue accounts:

1. Click Define Revenue Accounts from the Define the Product task category.
The Revenue Accounts screen displays, as shown below.

2. Click Define Accounts.
As of 7.4.2, the Account Chooser screen automatically displays because a revenue account detail record is required in order to save the revenue account master record.

3. Select the appropriate revenue account.

Please see Defining Revenue Account Pairs for more information on revenue accounts and their functionality.

4. The Begin Date defaults to today's date. Change this date if necessary.

5. If necessary, select the End Date from the drop-down.

6. Select the Distribution Method Code from the drop-down.

7. From the table below, enter the following in the appropriate table cell:

· Percent of the revenue that should go into this account

· Priority number of the revenue account

· Amt within Priority

8. Click Save.

Screen Element	Description
Define Revenue Account
Define Accounts	Button. When clicked, an Effective Date row is added to the table and a Revenue account is added to the product.
Add	Button. When clicked, a row is added to the Deferred Revenue Account table. The Account Chooser opens to search for a Deferred Revenue account.
Delete	Button. When clicked, the highlighted row from the table and the information entered in the row are deleted.
Deferred Account	Table column. This field is the account that is used for sales transactions. If no deferred revenue is to be recorded, this should be a standard revenue account. It is validated against the FGL_Account_Master table and must be valid for your organization. A warning message displays if an account is selected that is not for the organization unit of the product. It may be a liability or revenue account.
Revenue Account	Table column. This field is the offsetting income account. This is the account that will be used by a revenue recognition process. It is validated against the FGL_Account_Master table. However, a warning message will display if an account is selected that is not for the organization unit of the product. It must be a revenue account.
Percent	Table column. This field is the percentage of the revenue that should go to this account. The total percentages of all line items must equal 100 for the record to be saved (format 000.0000).
Priority	Table column. This field is only enabled when the Distribution Method is “Priority.” When discounts or other pricing situations result in a line item not receiving its full amount, the first priority item will receive its full amount and then the next priority item in sequence.
Amt within Priority	Table column. This field is only enabled when the Distribution Method is “Priority.” When populated and when the amount to be distributed (because of discounts or other pricing) falls lower that the amount specified with this line item, the amounts will be filled based on this priority.
Linked	Table column. Select when the product's Revenue Distribution Product code is not null. Indicates that the line is associated with a specific component product.
Effective Date
Begin Date	Drop-down. This field indicates the date on which this distribution will begin to be used as compared to the order date. Once an order has been placed for this product, using the selected revenue account, the Begin Date cannot be edited. Each time a change is made to the distribution accounts, a new start date must be defined for this distribution so that a history and an audit trail can be maintained. This date defaults to the “Available From” date from the General Product Setup screen.
End Date	Drop-down. The end date for the Revenue account.
Distribution Method Code	Drop-down. The value selected in this field automatically updates all detail records for this effective date. Valid values include: Percentage – Will distribute by percentage of the price only. The Priority and Amount within Priority columns are disabled. The total amount of the percentage must equal 100. Priority – Enables the Priority and Amount within Priority columns. When discounts or other pricing situations result in a line item not receiving its full amount, the first priority item will receive its full amount and then the next priority item in sequence. If no amount is specified, the system will distribute the remaining amount by percentage.
Auto-Populate Accounts from Components	Button. When clicked, the revenue account pairs set for the component products are automatically added to the product’s revenue accounts. Since components are free and do not have specific accounts associated with them, the account associated with the component product displays. For this button to work, components must be defined for the product.