What happens when you enable Revenue Schedules or Quantity Schedules in Salesforce?

Revenue Schedules are created for Opportunity Line items when Revenue Scheduling is enabled and Quantity Schedules are created for Opportunity Line Items when Quantity Scheduling is enabled.

When you enable Revenue Scheduling, Salesforce changes the metadata in your org and creates a new standard field on the Product object. A similar change happens when you enable Quantity Scheduling.

  • The field CanUseQuantitySchedule is created on the Product object in your org when Quantity Scheduling is enabled.
  • The field CanUseRevenueSchedule is created on the Product object in your org when Revenue Scheduling is enabled.

These new fields are created without any Field Level Security (FLS). This means that for users to interact with the fields, they need permissions.

As a native app, Flexpricer must abide by Salesforce’s field level security for standard fields, which means that users must be given read access to the newly created field(s) so that Flexpricer knows whether or not scheduling is enabled for a Product.

The post-installation notes refer to the fields and requiring read access to them, however as Revenue Scheduling and Quantity Scheduling can be enabled long after installation, it’s important to be aware of providing your sales users with access to them to prevent errors appearing in the Flexpricer interface.

Why are revenue schedules in Salesforce important?

Revenue schedules in Salesforce are important because they provide a clear and detailed plan for how revenue will be recognised over time. Revenue recognition is a critical accounting principle that affects the financial statements of companies, and revenue schedules help ensure that revenue is recognised in accordance with generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS).

Revenue schedules in Salesforce are especially important for companies that offer long-term contracts, subscriptions, or other services that span over multiple periods. Revenue schedules help to ensure that revenue is recognised accurately and consistently over the duration of the contract or subscription, which can span months or even years.

By using revenue schedules, companies can also better forecast their revenue streams, which can help with budgeting and financial planning. In addition, revenue schedules can help investors and other stakeholders understand how revenue is being recognized, which can impact decisions related to investing, lending, and other financial activities.

Overall, revenue schedules play a crucial role in ensuring accurate and consistent revenue recognition, and are therefore essential for companies to effectively manage their financial operations.

Product Schedules and Quantity Schedules in Salesforce

In Salesforce, Product Schedules refer to a feature that allows users to set up a schedule of revenue or quantity transactions for a product or service. This feature is especially useful for companies that sell products or services with a recurring billing cycle, such as subscriptions or installment payments.

With Product Schedules, users can create a schedule that outlines the revenue or quantity expected to be generated over time. This information can be used to forecast revenue, track payments, and manage inventory levels.

Users can create a product schedule by specifying the start date, end date, frequency, and amount of each transaction. They can also set up rules for how revenue should be recognized based on the timing of the transactions, such as recognizing revenue on a monthly or quarterly basis.

Product Schedules in Salesforce can be associated with a specific product, price book, or opportunity. This allows users to track revenue and inventory for individual products, as well as for specific deals or opportunities.

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