Skip to main content
Documentation
Documentation
Administrator Guide
Last Updated: 2023-06-23
Create Alternate Contracts

Create Alternate Contracts

Security:
Process: Customer Contract - View
 domain in the Customer Contracts and Project Billing functional areas.
The Accounting Standards Codification (ASC) Topic 606 and International Financial Reporting Standard (IFRS) 15 revenue recognition rules require companies to present comparative financial statements. You can create alternate contracts to model out your revenue in the old standard or new standard, based on your business transition plan.
  1. Access the
    Manage Customer Contract for Revenue Scenario
     task.
  2. Select the customer contracts that you want to replicate as alternate contracts.
You replicate the selected customer contracts as alternate contracts. Alternate contracts enable you to model revenue scenarios without altering your actual customer contracts.
You can run multiple-element revenue allocations on your alternate contracts, similar to how you would run allocations on your customer contracts.