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 Revenue stages and containers OpenAir's revenue recognition functionality allows companies to configure revenue recognition rules for recognizing revenue on a per-project basis. For projects that are billed and recognized based on the percentage of completion, there may be times during the course of the project where the amount billed may be greater than (Deferred revenue) or less than (Accrued revenue) the amount that has been recognized. With potential deferred or accrued revenue occurring for a project, it is beneficial to have the project be financially balanced by having a balance checker in place that will create offsetting revenue transactions if necessary. With this release, OpenAir has introduced the concept of revenue containers and stages where recognition transactions can be bucketed into different revenue stages (Posted, Accrued, Deferred) and placed on a revenue container for approval by finance. In addition to stages and containers, a wizard can be run to ensure that the project is in financial balance. To enable the revenue stages and containers feature, please contact OpenAir Support. Once enabled, in addition to Administrators, users with the following role settings will be able to view or modify revenue stages and containers:
Revenue stages: Revenue stages can be leveraged to identify where the recognition transactions are in their lifecycle. Revenue recognition transactions can be moved from one revenue stage to another based on the approvals of the transactions. By default, when recognition transactions are created manually or via rules, the recognition transactions are placed in the "Open" stage. Other user defined revenue stages (e.g. Deferred, Accrued, Posted) can be created. When the transactions are in the "Open" revenue stage, they are available to be placed on a revenue container. Transactions in the "Open" stage can be moved to another revenue stage via a revenue container. They cannot be moved to another revenue stage without being on a container. These revenue stages will map to account in the company's accounting system.
Revenue containers: A revenue container is the revenue holder that moves the recognition transactions from the Open revenue stage to the appropriate revenue stages (e.g. Deferred, Accrued, and Posted) and through the approval workflow. The revenue container will hold the recognition transaction details and allows a transaction to be moved to different stages by the submitter (e.g. Posted to Deferred) transactions can also be split by the submitter. A balance summary link is available on the revenue container that displays the current balance of transactions. Wizard: When the revenue container has been created, the wizard will run ensuring that the project is financially balanced (Invoiced amount + Accrued = Recognized revenue (Posted + Accrued) + Deferred). When the wizard is run, it will look at what has been invoiced, what has already been previously recognized, and what open recognition transactions exist. The wizard will set target revenue stages for each transaction. It will also break transactions into smaller transactions when appropriate as well as create any necessary offsetting transactions. In addition, it will also create deferred revenue transactions, if necessary, to put the project in balance. It is important to note that invoicing is a crucial part in the wizard process of balancing the project. Since the wizard looks at what has already been invoiced, it is important that invoices are created before the revenue containers have been created. Respect project job code selection for all charges and project billing transactions In the July 2009 release, OpenAir introduced the ability to assign project job codes for users on a per project basis via job code rules. The job code can be assigned in multiple areas that include bookings, time entry, project level assignment, and task assignment. Assigning job codes in these different areas allows project managers to designate a job role for a user that may be different than their job role within the company. Previously, when project job codes were leveraged, the project billing transactions and resulting charges were stamped with the respective project job codes if the bill rate on the time billing rule was set to either Rate cards or Job codes. In this release, the project job code functionality has been enhanced to now stamp all billing transactions and charges with the appropriate project job code regardless of where the bill rate is derived from. To enable the project job codes feature, please contact OpenAir Support. How to designate billing rates in a time billing rule:
Display "Phase" in booking requests List view The Resources Booking request List view enables resource managers to view and manage the requests for bookings of resources to projects based on their available time. In addition to requesting resources at the project level, it may be necessary to request resources for a specific task on a project. In addition to requesting a booking at the task level, it may be necessary to view the phase to which the task is associated with in the project. With this release, we have added the option for users to display the associated phase name directly on the Booking request List view. To add the phase name to the bookings list view, users with the appropriate role privileges navigate to Resources > Booking requests > Open/Submitted/Approved/Rejected and click on the "Customize list view" link on the upper left corner of the top menu bar. Click "Project - Phase", select "Add selected items." Click OK.
 Dashboard charts display change With OpenAir's graphical dashboard capabilities, users are able to display their saved reports in different chart forms. With the initial release of dashboard charts, a text line indicating the generated date and time stamp was displayed when hovering over the specific dashboard chart. In this release, OpenAir has removed the hover text on charts by default. When hovering over a specific chart, users will no longer see the generated time stamp. To enable the hover text, please contact OpenAir Support.
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