FinancialForce Tips & Tricks
Data Migration of Contract Data for Revenue Management - by Marlene Hodge
Migrating legacy contract data to FinancialForce is a great opportunity to perform data cleansing and purge contracts that are no longer relevant for your business. Check for duplicate data and clean any data inconsistencies in the older data that will be converted.
FinancialForce Billing Central provides a 'Calculate Values' button for a user to calculate the value for a contract line. This is a great feature for users after they have ‘gone live,’ but is not practical to use when data migrating thousands of contract lines.
After proper data cleansing, each open contract line that should be converted with the correct calculated contract line value, taking into consideration any pro-ration that is applicable. Loading contract lines with the correct values eliminates the need to invoke the Calculate Values button for each contract, and most importantly, will ensure proper calculation of revenue recognition in FinancialForce Revenue Management.
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