Oracle Revenue Management Cloud Services | what is ORMB? | revenue management & billing cloud serivces

Webinar on Oracle Revenue Management Cloud Services
Every Oracle ERP Professional need to know about Revenue Management Cloud Services
Agenda
What every ERP Consultant to know about RMCS
Why RMCS/Concept
Benefit of RMCS
RMCS Configuration
User Case
Business Flow

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1. RMCS-Revenue Management Cloud Service Presented By –Srinibas Mohanty YouTube Channel – Mytechnojournal YouTube Channel - KnowOracle https://www.youtube.com/watch?v=JD6Gi6gT8lA&t=50s Website-mytechnojournal.com Mobile Number-9160012666 Contact for any real time training requirement

2. RMCS-Revenue Management Cloud Service

3. FINANCIAL STANDARD OF REVENUE RECONGNITION The core principle of ASC 606 and IRFS 15 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASC 606 : Revenue from Contracts with Customers. In the US, this rule was issued by the Financial Accounting Standards Board Perhaps the biggest difference between the old regulation and the new is that you now review revenue at inception of the sales order. You identify contracts and performance obligations without any dependencies on actual billing of the customer

4. WHY RMCS ? Deferred Revenue Accounting replaced with performance obligation Accounting. Issue with deferred Revenue Accounting is that-deferred revenue was classified as a liability but it did not meet the definition of a liability You don't owe it to anybody You are just sitting on it until it is allowed to be recognized

5. Revenue Management Features

6. CHANGES IN APPRCOH

7. RMCS EXAMPLE

8. Contract Structure

9. What is a Performance Obligation

10. Performance Obligation When a contract is identified in Revenue Management, each line item in the contract is a performance obligation. When the performance obligation is satisfied, revenue is recognized. In this example, one contract is created with three lines. Line 1 is for the smart phone and line 2 the voice plan and line 3 the data plan. Revenue is recognized for the smart phone on the day the customer physically receives the phone. The revenue for the voice and data plans are recognized for $50.01 and $33.34 for the first month. Subsequent months amounts are calculated based on the number of days in each month .

11. USER CASE

12. USER CASE-IDENTIFY CONTRACTS For this course we have some sales order data in a spreadsheet containing the data in the table plus more. The new standard requires that journal entries be created from the sales order data to recognize revenue appropriately. This course walks you through the setups required to achieve these journal entry lines: Identify Contracts Processed

13. USER CASE-SATISFACTION EVENT Satisfaction Events Processed for 1 Month:  

14. USER CASE-Performance Obligation Billed Billing details loaded to RMCS Billed for 1 Month

15. USER CASE-RECEIVABLES PROCESSING Receivables Processing:

16. Over All Accounting in One Page

17. CONFIGURATION System Option Source Document Type Contract Identification Rule Contract Identification Rule Performance Obligation Identification Rule Pricing Setup (Part Of Order Management Pricing Strategy)

18. RMCS-CONFIGURATION

19. CONFIGURATION-Satisfaction Plan Type

20. CONFIGURATION-Satisfaction Plan Type

21. Revenue Schedule

22. SOURCE DOCUMENT TYPE

23. SYSTEM OPTION

24. SYSTEM OPTION

25. CONTRACT IDENTIFICATION RULE

26. CONTRACT IDENTIFICATION RULE

27. Contract Identification Rule

28. Performance Obligation Identification Rules

29. Identify Performance Obligtion

30. Pricing Setup-Part Of OM Pricing Strategy

31. PROGRAM NEED TO RUN RMCS Revenue Basis Extract Extracts Revenue Basis data from Fusion DOO, Enterprise Contracts and PPM Billing into VRM(RMCS) via ICS RMCS Billing Extract Extracts Invoices from Fusion Billing for feeding into VRM(RMCS) RMCS Progress Revenue Basis Event Extract Extracts Progress Revenue Basis data from Projects into VRM(RMCS) via OIC Process Revenue Recognition

32. REQUIRED JOB ROLES REVENUE MANAGER REVENUE ANALYST Receivable Manager Order Entry specialist Project Accountant

33. Fusion Home Page

34. CONTRACT DASHBOARD

35. SEARCH CONTACT

36. MANAGE CUSTOMER CONTACT

37. Customer Contact

38. Customer Contact

39. Implementation decision point