Revenue Reconciliation
When to Recognize Revenue
Revenue is to be recognized once an order is fulfilled. For ClearCommerce, this equates to a successfully settled order. A successfully settled order is one that has been batched by ClearCommerce and sent to FDMS.
Level of Detail for Recognizing Revenue
Once the order is settled, FDMS wires the money to MIT's bank account within 48 hours. The daily revenue transaction represents one total amount per day for settled orders. Revenue is recorded at the merchant ID level. Typically, one merchant ID represents one ClearCommerce store. This revenue will be recorded to one G/L account and cost object combination in SAP. The cost object is determined at the time the merchant submits the registration form. To change the cost object to which revenue is applied, contact merchantservices@mit.edu.
For merchants that wish to report revenue at a more granular level, OMARS provides optional reports and other features to help categorize business activities. It is the merchant's responsibility to identify these various revenue streams and process journal vouchers to move revenues to other cost objects.
