Get accurate monthly or annual revenue amounts when reporting on Sales Won, Lost or in the Pipeline by defining a Billing frequency, Billing cycle length or auto-renewals.
The Billing frequency, Billing cycles and Continue until cancelled fields/options will be used when:
- Creating/adding new Products
- Adding Products to an Opportunity
- Filtering Product and Opportunity records
Creating/adding new Products
See the Create a Product document for details on how to start this action.
Specify the billing frequency and billing cycle for each Product when adding the Product to the Salpo Product catalogue.
Billing frequency is a mandatory Select field and defaults to 'One off.' The other available options are Month and Year. If Month or Year are selected, the Billing cycle field and Continue until cancelled option become available.
The Billing cycle field is a numeric field to define how many Months or Years the Product will be billed for, whereas the Continue until cancelled option allows for auto-renewals. Both of these fields are optional. The values assigned when adding the Product will act as defaults when adding the Product to an Opportunity.
Adding Products to an Opportunity
See the Adding Products to an Opportunity document to learn how to perform this action.
The field values used when adding the Product to the Salpo catalogue will auto-populate when adding a Product to an Opportunity. If a Product's default frequency is 'One off,' the Billing cycle and and Continue until cancelled options will be disabled. The User has the ability to change the frequency to a recurring value after selecting the Product from the catalogue look up if the Product Billing frequency for that specific Opportunity should be recurring. Changing the frequency to a recurring value will enable the Billing cycle field and Continue until cancelled option.
An additional optional field is available in this screen as well. The Start Date field allows the User to define when that Product should be billed for, or what date that revenue will be coming into the business. If a Start Date is not populated, the Opportunity's Estimated Close date value will be used until the Opportunity is closed as WON, at which time the Start Date reflects the WON date.
The End Date will be calculated based on the defined recurrence values in the Billing cycle field or Continue until cancelled option.
Filtering and Reporting Product and Opportunity records
All three fields Recurring Revenue are available to use as filters on the Product list view page and on any Connected Module list view page under the Product Connection option. When on the Product list view page: start date, billing frequency and the billing cycle will be available for selection under the Column Chooser function.
A Revenue Date and Revenue Total (ex Tax) will be available when building out Graphical Reports to better visualise sales Won, Lost or in the Pipeline.