Your transition strategy will depend upon what you currently do for cost and revenue recognition.

Most users on-board and start using Flowrev within minutes of signing up.  In some situations, formulating and implementing an on-boarding strategy may require additional time.

Flowrev lets you create schedules for all your bills and invoices loaded - including those raised in the past. Typically transactions created or modified within the last month or so from your first connect date are loaded - but during your subscription setup we can set up for older data load. You can then create all your recognition schedules in Flowrev, view your complete accrual based expense and revenue summary, and sync to your accounting system.  This is the simplest transition and on-boarding strategy.

  1. If you use a "period lock date" in your accounting system, you may need to manually approve some journals in your accounting system after sync from Flowrev.  Flowrev may only be able to post DRAFT journals in this case.
  2. This approach may also require voiding manual journals you may have created with your old process - you are effectively replacing your old process completely.

Sometimes you may need to have your current process dovetail into Flowrev, at least for a period of time. If that is the case:

  1. First, decide which accounting period you want to make the change to using Flowrev - this is your "transition date"
    The transition date can be changed from the default from the org details page accessed from the "ORG -> Change/Update" page - click the details icon (OPS column) in the "Organisation" row to visit the details page.  The transition date will set the first date from which Flowrev will evaluate invoices for schedule creation.  Note: a custom subscription setup is needed to load data older than a month from a trial start date, and has to be done before transition date can be changed.

  2. Second, think about how you want to handle revenue that rolls-in from prior periods to your transition date and beyond
    1. ALTERNATIVE 1: Continue to use your existing process for pre-transition date invoices.  This will require the least effort, but you have to maintain your current process for some time depending upon your "manual recognition schedules".
      1. If you enter manual journals to recognize expense or revenue for pre-transition invoices, continue to do that for all pre-transition date invoices. Do this until all pre-transition amounts are recognized post-transition. Do not create Flowrev schedules for bills or invoices dated prior to the transition date.
      2. For any new post-transition date bills or invoices use Flowrev to create the schedules and sync journals automatically to your accounting system.
      3. Sync only post-transition date recognition schedules using Flowrev.  
    2. ALTERNATIVE 2:you can evaluate whether to use Flowrev for any pre-transition date invoices with revenue that rolls-in past the transition date
      1. First identify all such pre-transtion bills or invoices with revenue that rolls into post-transition period. Usually this is easily done from the existing spreadsheets or accounting system
      2. Once identified, enter service dates and parameters for these bills/invoices, and generate schedules in Flowrev
      3. Important: Since your existing process may already have recognized pre-transition date amounts, only sync post-transition date periods using Flowrev so as not to duplicate "pre-transition" date journals. In this case, Flowrev will journal all the pre-transition date recognition elements that flow into the post-transition date period.
      4. Use Flowrev for all post-transition invoices too
    3. ALTERNATIVE 3:you can use Flowrev to create schedules for all bills and invoices that are loaded, and the steps will be the same as in alternative 2 above, except you'll do this for all bills and invoices loaded into Flowrev
      1. unless set up differently prior to first load, the system loads invoices with a modification or creation date a month or so prior to first data load date.
      2. Important: again, you will still want to sync only "post-transition" date journals using Flowrev

  3. Last, evaluate whether you want to make any other changes to your existing setup. 
    1. For example, if you map your invoice lines in your accounting system to deferred revenue (liability) accounts whether you'd like to start mapping to revenue accounts. You'd want to take care of all pre-transition date pending items prior to making such a change.