With this integration any new invoices created in Autotask can be transferred (with full or partial automation options) to Exact Globe where they are booked as sales orders. This integration completely eliminates manually transferring invoices.
In addition to this sales order integration we have also developed the following two (paid) additions:
The retainer functionality is a paid addition to our salesorder integration. It enables the possibility to record retainer revenue as pre-invoiced revenue (in the balance sheet) and automatically realize the revenue into the income statement as soon as the retainer portions get used by the client. As such, it complies with the IFRS and Dutch GAAP standards for revenue recognition.
Project integrationThe project revenue realization integration is similar to the retainer integration that it ensures that revenue is recognized at the correct moment (which is usually not the moment of invoice). The integration takes care of two components:
- it derealizes revenue invoiced relating to projects up to the maximum of the estimated labour revenue on the project.
- upon approving time relating to the project, it realizes revenue.
As such, it complies with the IFRS and Dutch GAAP standards for revenue recognition. Additional explanation on deferred revenue recognition: this concept applies when the moment of invoice does not align with the moment the revenue should be realized. This can be the case when work is done before being invoiced, or vice versa, when the invoice is raised before the work is done. As the normal procedure when invoicing is to record revenue in the income statement, this needs to be adjusted to cater for the matching principle which states that revenue should be recognized when the related costs are also made, or when the control over the goods or services is transferred to the customer. The accounting treatment for deferring revenue entails the debiting of revenue and crediting a liability account. When realizing this deferred revenue, the opposite is posted.