Report: Revenue Recognition - P&C

 

Currently this report is not featured in My Agency Reports.

The P&C revenue recognition report is now tailored to agency bill use cases where all revenue is considered 100% binding revenue, recognized when the policy becomes effective.

HIGHLIGHTS

  • Secured using a new secured item

  • Available as an Excel export from Classic Reports winform

  • Contains various filtering capabilities including Date, Business Unit and Line of Business filtering

  • Ability to export editable or locked sheets alongside a cover sheet

  • Report displays results at a policy transaction level. If a single policy contains multiple lines of business, then multiple rows will be present on the report.

  • Report results display some basic policy information such as customer name, business unit, policy number, effective date, expiration date, line of business, and estimated revenue

  • User has the ability to specify a date to run the report against. Policy records with an effective date between the specified date and January 1st of the prior year will be returned

  • Business unit splits are supported

  • Report displays the billed revenue and unbilled revenue dollar amounts per policy transaction

  • Report contains logic to provide totals for billed and unbilled revenue

CLASSIC REPORTS

  1. Open up Classic Reports, search for and click the Revenue Recognition –P&C report.

Reports: Revenue Recognition P&C

  1. Fill in the relevant information in the Revenue Recognition winform, then click Generate.

    1. You can include non-premium transactions (agency fees) by checking the box.

    2. You also have an option to make the excel sheet locked or editable and can include a cover sheet.

Revenue Recognition P&C

COVER SHEET

  1. You’ll notice the Date and Time of the report as well as the Agency’s Name.

Revenue Recognition P&C: Excel

  1. Next you’ll see the Prior Calendar Year and the Current Calendar Year up to the current date of the report.

Revenue Recognition P&C: Excel

LOCKED REPORT

  1. This is a protected sheet that cannot be edited.

    1. Filtering and editing is not possible in this sheet

Revenue Recognition: Locked Sheet

EDITABLE SHEET

  1. This sheet has the same info as the above report except you have the ability to filter and make edits.

Revenue Recognition: Editable Sheet

  1. 3. Columns A-K is your classic report info.

    1. 1 row per transaction

    2. Column K is where you will find Estimated Revenue info (This info is populated in the Policy Transaction Premiums section)

Estimated Revenue

  1. Columns M and N represents all billed and unbilled revenue associated to transactions on policies effective in the prior year.

Billed & Unbilled Revenue: Prior

  1. Columns P and Q represent all billed and unbilled revenue associated to transactions on policies effective in the current year.

Billed & Unbilled Revenue: Current

  1. Columns S and T represent all billed and unbilled revenue associated to transactions on policies effective in the prior and current year.

Total Billed & Unbilled Revenue: Prior to Current

 

Example: Assume we have a policy term that runs from 11/01/2018 to 11/01/2019, and the P&C report is run for 10/01/2019. All billed revenue will be logged in the Prior Year Policies Billed Revenue column because the policy is effective 11/01/2018, even though some revenue may have been billed in 2019.

 

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