Tuesday, September 11, 2018

Recognize Remaining Future Deferred Revenue in the Current Period.


·        Create an Invoice#1

Transaction Date = 1/1/2016

Inventory item

Amount = $4,800

Rev Rec Start Date = 1/1/2016

Rev Rec End Date = 12/30/2017

·        The Rev Rec Schedule#1 for the transaction lineitem shows $200.00 to be recognized each period from Jan 2016 – Dec 2017

·        Customer already recognized the Revenue for Jan2016 and wanted to recognize the remaining full amount of $4,600.00 in Feb 2016



·        Navigate to Setup> Accounting > Accounting Preferences > General tab > Revenue Recognition portlet

·        Set Allow Users to Modify Revenue Recognition Schedule = True

·        Hit the Savebutton

·        Navigate to Transactions > Sales > Create Invoices> Lists

·        View Invoice

·        Click Rev Rec Schedule link in thetransaction line

·        In the Revenue Recognition Schedule page

·        Hit the Editbutton in the

·        Click on the first Mar 2016

·        Hit the Remove button

·        Perform the same for Apr 2016 and the rest of thefuture periods

·        Click on the Feb 2016 period

·        Locate Amount column

·        Enter total amount to be recognized as shown on theRemaining Deferred Balance field

·        Navigate to Transactions >Financials > Create Revenue Recognition Journal Entries

·        Select Feb 2016 on the Posting Period field

·        Check Individual Schedules box

·        Select the Invoice in the list of transactions

·        Click Create Journal Entries button

·        Click on the Journallink in the Processed Schedules page

·        Approve the JournalEntry (if Journal Approval preferenceis enabled)

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