How to configure Product Catalog in RevRec?

Scope

How to configure Product Catalog in RevRec?

What is the list of product fields in RevRec?

What are the Additional Performance Obligation fields in RevRec?

Summary You can configure your products in RevRec to match your product catalog in your CRM. If your RevRec site is connected directly to CRM such as Salesforce or HubSpot, RevRec will automatically download the product catalog. Otherwise, you can create your product catalog in RevRec directly. There are two types of products in RevRec.

Solution

1. Product A product is a good or service that is sold as part of the contract. Usually, it would have a non-zero price attached to it. When creating a primary product in RevRec you will need to provide the following information.

(a) General

ID Unique identifier for the product

Product Name Display the name of the product

Product Code Code used in CRM to identify this product.

Product Family The family of the product can be used to report on a group based.

Product Type Type of the product

Is Recurring Is this product a recurring charge that will be renewed at the end of the term?

(b) List Price The price at which the service provider or manufacturer recommends selling the product.

Price The actual amount for which the product is sold.

Period The billing period for which the list price is provided.

Period Units Unit of the billing period, /months, /years or /quarters

Currency Currency in which this product will be sold.

(c) Delivery The rule for service delivery dates for this product.

Start Date Dereferenced the start date for the service. Users can reference "Order Date" or any other date-type custom fields which are at the sales order or product level.

Term Term in a month for which the service will be provided. If a term is provided delivery end date is not required.

End Date Dereferenced the end date of the service. Users can reference "Order Date" or any other date-type custom fields which are at the sales order or product level.

2. Additional Performance Obligation For each primary product, the user can configure 1 or more additional performance obligations (PO). These POs will be automatically added to the contract each time the base product is sold. When creating a PO, you will need to provide the following information

(a) General See section "General" in Primary Product above.

(b) Delivery See the section "Delivery" in Primary Product above.

You don't need to provide List Price information for POs because when they are added to the contract, their sale price will always be zero as they are never sold. Revenue is allocated to these items based on Standalone Selling Price rules that are configured to these POs

Related Article and Documentation

Configure Product Catalog