Hi guys, does anyone happen to know how to terminate a deferral schedule related to an AP bill? In the system I couldn’t find any button to close/cancel/delete/terminate/reverse it.
Till now I have run recognition twice (at the end of December 2021 and January 2022). But unfortunately we just found out that there’s something wrong with the bill and we need to reverse the whole thing, including the bill and this deferral schedule.
How will it infect the deferral schedule if I reverse the bill now? Is there anything else that I need to do?
May I ask one further question? I totally understand what you suggest to do, it’s just I also need to reverse the related AP bill. So should I reverse the bill after I have done all the steps to “close” the deferral schedule? Thanks again.
Sorry did not notice the follow up question. While creating reversal, following process can be followed :
On the initial AP bill release, here was the entry
Dr. Deferred Exp account -
Cr. AP control account
Reverse deferral documents, so amount moves from expense account and stays in deferral account which would be debited on initial AP bill
On reversal Debit adjustment of AP Bill, you need to select the Deferral account manually on the Detail line, should remove the deferral schedule which would get copied from the AP bill, when you select Action > Reverse from the AP Bill.
When you release debit adjustment, it would Cr. Deferral account and Dr. AP Control. Which would be reversal of original bill
Apply the Debit adjustment to the AP Bill to clear the documents from Aging. If original Bill has already been paid, then you can apply the debit adjustment to the new bill user would create with correct deferral detail.
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