Prerequisite for configuring Softrax

Scope

What is Softrax revenue manager?

What should be configured in Softrax for integrating with Chargebee?

Summary

Softrax Revenue Manager is an enterprise revenue recognition software that helps manage the entire revenue recognition process in compliance with the latest Accounting Standards Codification(ASC) 606 and International Financial Reporting Standard (IFRS) 15 guidelines. By integrating your Chargebee site with Softrax Revenue Manager, you can sync subscription information from Chargebee to Softrax and generate the revenue forecast schedule for recognizing revenue on a monthly basis in your accounting system.

Prerequisites to connect Softrax with Chargebee

Once you have created a Softrax Revenue Manager account, you should configure the following settings in Softrax before integrating into Chargebee:

1. Company - Setup your Company or legal entity in Softrax. You can set up multiple Companies in Softrax based on your branches/ legal entities. As part of the integration, you can sync a Chargebee site to only one Company in Softrax.

2. Accounting Calendar - Set up an Accounting Calendar for the fiscal year, define quarters/ provide a start date and end date and map it to the Company in Softrax.

3. Accounting Book - An Accounting Book Code should be mapped so that the account movement, journal entry, and reporting are based on this Accounting Book chosen during integration setup.

4. GL Account setup - General Ledger Account setup allows you to manage Revenue accounts for the Company created in Softrax.

5. GL Segment Definition - Set up GL Revenue accounts, provide the description of the accounts, and assign revenue account numbers and segments to each Company created in Softrax. Segments can be Company / Product / Department / Location and so on.

Note: The above-mentioned prerequisites are mandatory. Failing to configure any of them in Softrax would lead to a sync error and you can not proceed with the integration

Additional Prerequisites

Standalone Selling Price (SSP) - Define the SSP of the products in Softrax, if you require SSP-based allocation in revenue recognition. Alternatively, you can choose the exclude revenue recognition template in Softrax that does not require SSP definition.Policy Definition - Once you define the policies in Softrax, policy mapping should be done.Related Article and Documentation

Softrax Chargebee integration