Automate Accurate Revenue Recognition and Financial Compliance
Ensure compliance with accounting standards like ASC 606 and IFRS 15 and simplify your revenue recognition process. Incent4’s Revenue Recognition solution automates journal entries based on actual and expected revenue and expense data from other modules, so you can save time and focus on growing your business.
Incent4’s revenue management solutions are all compliant with ASC 606 and IFRS 15 revenue recognition standards. One of the five steps of ASC 606 is “Determine Transaction Price,” which requires estimation of revenue or expense if actuals cannot be determined at the time of revenue recognition. “The expected value method” and “the most likely amount” are the two methods of estimating the revenue or expense. All the Incent4 revenue management solutions support estimation of revenue or expense. Incent4 can generate reversals for the estimates when actuals become available.
Journal Entries
Incent4’s revenue recognition module can be configured to map revenue or expense from the revenue management applications to appropriate accounts and create journal entries in a format as required by the financial system. The journal entries can be automatically sent to the financial system.
