Thursday, June 27, 2019

How to Create a 15 days earlier revenue recognition entry without modification on rev rec totals.

The system generated Revenue Recognition schedule is allocated on a per period basis. To recognize only for 15 days instead of one full month on an earlier recognition process:

1. Edit the Revenue recognition schedule

2. Highlight the period user want to recognize for 15 days only (e.g.  Jan 2014) and change its amount to half of the amount to be recognized for the period (e.g. from by period amount of $1000 to $500)

3. Add a new line

-- Under its Account column, select the same account shown in the original lines of the rev rec schedule.
-- Under its Posting Period column, select the same period (e.g.  Jan  2014).
-- Under its Amount column, enter $500.

4. Click Save

5. Go to Transactions > Financial > Create Revenue Recognition Journal Entries.

6. In the Posting Period field, select period (Jan 2014) and enter 01/15/2014 in the Journal Entry Date.

-- Sub list will display two lines for the same sales record --each with $500. Check the first line to create one journal entry.

7. Moving forward, user  can then recognize the remaining $500 at the end of Jan 2014




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