TrueRev breaks a deal into six distinct steps, three of which are required to "complete" the deal — change the deal status from "draft" to "active". When a deal is in "draft" status, it will show on the dashboard on the deal "to-do" tile. Selecting, "I am done with this deal" on either of the confirmation screens will also move the deal from draft to active. There are two ways to enter a new deal in TrueRev —
Approach 1: From the dashboard (when you first login to TrueRev), click on the "Work on new deal" tile in the middle-left of the page.
Or, approach 2: click on the deals tab from the top menu, then click on the "Create New Deal" button at the upper-right.
Customer info —
Simply type in part of the customer name & select the customer from the list below. Or, if the customer isn't already entered, click "Add New Customer" and fill in the required fields. (See the help article Enter a new customer for details about adding customers.)
Deal Profile —
The deal type is the only required information on this page, but you can (and probably should) enter more information for when you need to find & review the deal later.
The first 40 characters of the deal description are displayed on the right-hand-side summary of the deals list page.
Linked deals help show chronology and relationships between deals — and then, obviously, make it easy to find any related deals.
If you have the signed contract scanned in (e.g. as a PDF), import it and you won't have to worry about a hard drive failure or any other reason you couldn't find deal documents in the past before you started using TrueRev.
The deal's effective date is the only required information on this page, but you'll want to add at least the signature dates, too, to be GAAP-compliant.
If the deal has no end date (e.g. for a utility service that continues until canceled by the customer) check that box. The deal will be listed as active indefinitely.
The term of contract should be listed somewhere in the document describing the deal. Changing the term will immediately update the deal end date.
The deal end date is usually the effective date plus the term. If it isn't, the end date may be manually changed to some other date — changes to the end date do not update the term.
The customer signature helps to track who signed for the customer, and when, without needing to open and scan through the entire deal document.
The company signature similarly helps to track who signed for your company, and when.
If the deal will automatically renew, fill in that information. TrueRev will provide you with notification reminders close to the deal renewal date.
If there is some cancellation period, enter the time frame and again, TrueRev will provide you with notification reminders close to that date.
If there is a warranty for the deal, enter the dates to track when you have obligations (and when those obligations end).
Finally, track whether or not you need (and have) customer acceptance of the deal.
This page is where you'll enter all the products and / or services that are included in this deal. The total dollar amount here is shown in the bookings metric at the top of the page.
The entire active product list is in the initial drop-down selection box.
The amount (per product), quantity and discount may be manually changed; the sub-total and total are computed automatically and are not editable.
If a product needs a different booked date, or if it should be renewed when (if) the deal renews, expand the details for the product to access those data fields.
Add more products and any remarks as appropriate.
The TrueRev commissions module is in the works; add the colleague(s) (or yourself!) under deal booked by to ensure credit & commission goes to the right person(s).
Billing Schedule —
Any invoicing solution can handle simple scheduling; TrueRev makes it possible — and easy — to do complicated milestone-based invoice schedules. And reminder notifications mean you won't forget to send them when the scheduled date arrives.
A recurring billing schedule will evenly split the product's booked amount across multiple invoices. Just enter how often, when to start and how many periods or how much per period, and you'll be reminded to send each invoice as soon as they're ready.
A custom billing schedule allows complete flexibility in how to split the product's booked amount across multiple invoices. Just enter how much (as a dollar amount or a percentage of the total booked amount — you can even switch back and forth between amount and percentage from one invoice line to the next) and when for each invoice, and you'll be reminded to send them as soon as they're ready.
TrueRev has made revenue as absolutely simple as it can get — just enter when to start and end revenue recognition and TrueRev does the rest. If you enter a date that might cause audit issues, you'll be warned about it, but the warning can be dismissed — you have the final say about the revenue period.
You'll note that over multiple months, the recognized revenue amount fluctuates slightly — recognized revenue is computed as a daily average amount, so thirty-day months will have a different value than thirty-one-day months (and February will be different from all the others). If you want to recognize revenue per month, rather than per day (so January and February will have the same recognized revenue amount), we're working to add that option as one of your settings.