REVENUE RECOGNITION WORKFLOW

Created by ChecklistGuro (https://checklistguro.com)

[ ] Get Unrecognized Revenue: Retrieve all entries from the Sales Orders data model where the recognition status is 'Pending'.
[ ] Total Pending Revenue: Sum the 'Total Amount' property of all retrieved unrecognized revenue entries to get the total amount to be recognized.
[ ] Calculate Monthly Pro-rata: Divide the total pending revenue by the remaining months in the contract period.
[ ] Assign Revenue Recognition Task: Create a task for the Finance Controller to review the calculated monthly revenue figures.
[ ] Create Revenue Journal Entry: Create a new entry in the General Ledger data model with the calculated monthly recognition amount.
[ ] Update Sales Order Status: Update the status of the processed Sales Order entries to 'Recognized' in the Sales Orders data model.
[ ] Notify Accounting Department: Send an email to the accounting team with a summary of the revenue recognized in this period.
[ ] Generate Revenue Recognition Report: Create a PDF report summarizing the total revenue recognized and the remaining deferred revenue.

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