Watch the Step-by-Step Video
For a visual guide, watch this video:
Creating a renewal within a deal
From the TrueRev dashboard, go to the Contracts tab.
Select the contract to which you want to create a renewal.
Once the contract is open, go to the Bookings tab.
Click the +Term to create a renewal term in the contract.
Fill in the start and end dates. The start date is automatically the day after the end date of the initial term.
Click the “✔” button to save the term.
Go to the Billing tab.
In the “Associate an existing invoice” box, type the invoice number or the customer’s name to search the QBO invoice to associate to the renewal term, then select.
The “Manage invoice line associations” dashboard will open. Click the “+Associate” button.
Select the product. Click “Create a NEW product” as there is no existing product in the Bookings tab in the renewal term. Then, choose the contract term to which the invoice will be associated. Choose the term “Renewal Term 1”
Select revenue schedule set-up. Click “Create a NEW revenue set-up” as there is no existing revenue set-up for the renewal term.
Switch the button to "Ratable" if the revenue needs to be distributed over a period. By default, the "Start date" and "End date" are set based on the selected term. However, you can modify the dates to specify the actual period for revenue recognition. You can also use the “fill” button by choosing either “term” or “invoice”.
Toggle the button to “Allatonce” if the revenue will be recognized one time or in a single instance. Then, set the “Start date” to recognize the revenue.
Click “Associate”, then “Done”.
Check the “Bookings” tab if the created product is under the renewal term. Then, check the “Revenue” tab if the revenue schedule of the associated QBO invoice is correct.