Revenue (Award) Codes

Revenue Codes (also known as award codes) are required on Salesforce opportunities when we need to track expenses related to the funding against specific expenses in Netsuite. If a funder requires that we submit a financial report indicating how the funds were spent, the opportunity would typically require a revenue code. There may be additional reasons why a revenue code is required (or requested by a project). The project specialist or finance lead will communicate the need for a revenue code to the coordinators, either through the Grant Agreement Letter summary document or by email.

Generating a Revenue Code

Once an opportunity moves from the Proposal Submitted to the Confirmed stage, the coordinator is responsible for selecting whether to generate a revenue code using the Generate Revenue Code? field on the opportunity. An opportunity should not get to the Closed Won stage (payments received) without this field being populated with Yes or No.  However, if you select No and then discover later that a revenue code is required, please see Creating Revenue Codes on Closed Won Opportunities.

Retroactively Generating Revenue Codes

No payments received

  1. Shared Platform Coordinator can generate a revenue code after the stage has been changed to Confirmed, as long as no payments have been received.

At least one but not all payments received

  1. Shared Platform Coordinator changes the Generate Revenue Code? field to Yes
  2. Shared Platform Coordinator contacts the Accounting Coordinator who can adjust the Netsuite entry if the accounting period is still open. If the accounting period is closed, the Finance Lead must create the adjusted entry and the Finance Analyst must create code in Netsuite and Concur.

All payments paid

When a payment is marked as paid, the associated opportunity status will be changed to Closed Won and the financial transaction will be recorded in Netsuite. At this stage, the coordinator can not create a revenue code.

If an award code is later required, the adjustment will involve the Senior Accounting Coordinator, Junior Finance Analyst, and Finance Lead.

  1. Contact the Accounting Coordinator to request the revenue code. The Accounting Coordinator will assign the revenue code on the Salesforce opportunity by selecting Yes to Generate Revenue Code?
  2. The Finance Analyst will create the code in Netsuite and Concur
  3. The Finance Lead or Accounting Coordinator will make the adjustment entry in Netsuite (depending on whether the accounting period is closed).