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Revenue Recognition on Salesforce Summer 2018 Administrator Guide07 September 2018Table of Contents Key Benefits .......................................................................................................................................................
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How to fill out configuring your revenue recognition

01
Understand the specific revenue recognition rules and guidelines that apply to your industry and company.
02
Review and understand the terms and conditions of customer contracts to determine how revenue should be recognized.
03
Identify performance obligations in contracts and determine when they have been satisfied.
04
Allocate transaction price to each performance obligation.
05
Recognize revenue when a performance obligation is satisfied.
06
Keep detailed records and documentation of revenue recognition decisions for auditing purposes.

Who needs configuring your revenue recognition?

01
Companies that sell goods or services and need to accurately report their financial performance.
02
Accountants and financial professionals responsible for preparing financial statements in compliance with accounting standards.
03
Company management and stakeholders who rely on accurate and transparent financial reporting.
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Configuring your revenue recognition involves setting up rules and procedures to recognize revenue from sales or services.
Companies that generate revenue from sales or services are required to file configuring their revenue recognition.
Configuring revenue recognition involves documenting revenue sources, calculating revenue amounts, and following accounting standards such as ASC 606.
The purpose of configuring revenue recognition is to accurately record and report revenue in compliance with accounting standards and regulations.
Information such as revenue sources, revenue amounts, recognition method used, and any relevant disclosures must be reported on configuring revenue recognition.
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