SAP Revenue Accounting & Reporting
SAP RAR will allow customers to map the requirements that come from the Financial Accounting Standards Board (FASB) as Accounting Standards Codification topic 606 or ASC 606 – Revenue from Contracts with Customers.
SAP Revenue Accounting and Reporting enables customers to manage revenue recognition in a process that involves the following high-level steps:
In this step, you create revenue accounting contracts corresponding to operational documents that are created on a back-end operational system.
Identify performance obligations
In this step, you identify the performance obligations included in each contract. You create performance obligations for items in the operational document and manage their relationships with one another.
Allocate the transaction price
In this step, you determine the total price by aggregating the pricing conditions passed from the back-end operational system, and then allocate the total price among the performance obligations.
Manage fulfillment of performance obligations
In this step, you recognize revenue for performance obligations as they are fulfilled.
Make revenue postings
In this step, you make postings to the general ledger regularly to reflect revenue-related transactions.
Why PraVik Technologies?
1. Capable Team: With multiple SAP RAR implementation project experience, our team got the necessary skills, expertise & tools
2. Quality Deliverables: Our team got the track record of implementing SAP RAR with SAP Best Business Practices along with necessary customizations to suit business requirements of our customers
3. Faster Delivery: We help customers implement SAP RAR solutions within few weeks as we follow the SAP Activate methodology & focus on Proof on Concept which help us in concentrating on more important activities & cutting down on non critical activities
4. Reasonable Cost: Our pricings are very reasonable & we charge customers for our expertise. We provide full flexibility to our customers for engaging us as per their choice - Fixed Price or Time & Material