Accounting Rule versioning helps you track, review, and manage changes to the accounting rules on your RevRec site. The accounting rules versioning is available for both revenue rules and expense rules on your RevRec site. Any change that you make to the accounting rules in your RevRec site such as additions, deletions, and other updates are recorded as versions. You can easily view and restore previous versions of these rules as required.
Follow these steps to access prior versions of your accounting rules on your RevRec site:
Log in to your RevRec site.
Click Settings > Accounting Rules.
On the Accounting Rules page, click the Timer icon on the top right corner of the toolbar.
The updates history drop-down appears with details such as the date of modification, the user who modified, and whether the change has been made on Revenue or Expense Rules.
Click an update version to view more details.
You can also download previous version history of your revenue and expense rules in a Microsoft Excel file using the download icon on the Accounting Rules page and clicking the History option. The previous versions of each accounting rule gets downloaded with details such as the User who modified it, Rule Start Date, Rule End Date, and Status.
The start date of a rule marks the effective date of a rule for a particular product, type, or family, while the end date marks the date at which the rule became inactive.
While accessing the prior accounting rule versioning on your RevRec site, if you select and open a prior version of an accounting rule(revenue or expense), or if you upload a new Excel file with updated accounting rules, RevRec compares the current active version of your accounting rules with the selected or uploaded version and displays all the changes between them for both revenue and expense rules.
Any new rules get displayed under the New category, updated rules are displayed under the Updated category, and any deleted rules are listed under the Deleted category. All unchanged accounting rules are listed under the Unchanged category.
Click to expand the categories, and click on any rule to see the details such as the start date and end date of the current and prior version of rule.
Click Restore to restore the accounting rules to the selected version, thus updating all the accounting rules.
RevRec automatically identifies the new sales orders in the open accounting periods that are impacted by the accounting rule change. An alert appears prompting you to re-process them. Click the Process Now button to re-process your sales orders instantly and the GL impact will be recognized for the current open accounting periods.