Question

Deferral Schedule linked to a wrong Invoice

  • 24 April 2022
  • 5 replies
  • 45 views

HI, guys. does anyone know how to cancel/terminate a deferral schedule? the deferral schedule linked to a wrong invoice, but has not start the recognition yet? is that possible to terminate the deferral schedule? If I just leave it and create a new deferral schedule, the old one(the wrong invoice) will not be able to link to a new schedule. 

thanks in advance


5 replies

Userlevel 7
Badge +11

Hi @joycexu46 

Please refer to this thread which has relevant solution. 

You may recognize the revenue in one period to close the schedule as there is no option available to delete the schedule without recognizing.

Reversal document is not required in your case. You can just ensure the revenue is recorded for the document period.

Hope this helps,

Regards,

 

Hi @joycexu46 

Please refer to this thread which has relevant solution. 

You may recognize the revenue in one period to close the schedule as there is no option available to delete the schedule without recognizing.

Reversal document is not required in your case. You can just ensure the revenue is recorded for the document period.

Hope this helps,

Regards,

 

Thanks for you reply. 

But if i recognize the revenue in one period to close the schedule, is it possible to create a new deferral schedule with the full amount? thanks in advance for your help.

Userlevel 7
Badge +11

Hi @joycexu46 

You can create new schedule for full amount as it wont be linked to previous schedule. 

Recognizing the revenue in one period is just to mark the deferral schedule as completed/ closed. Else, there is no option to close it.

With regards to the GL entries generated on release of invoice and recognition, since the deferral schedule was created on an incorrect invoice, I assume the original invoice transaction should have credited revenue account instead of deferred revenue. 

Hence, if recognition is done on subsequent period ( other than original invoice release period),

  • reverse the recognition GL batch
  • create a GL transaction for invoice period to move the amount from deferred revenue to actual revenue account (correct GL batch generated on release of invoice).

Hope this clarifies. 
Regards,

 

 

Hi @joycexu46 

You can create new schedule for full amount as it wont be linked to previous schedule. 

Recognizing the revenue in one period is just to mark the deferral schedule as completed/ closed. Else, there is no option to close it.

With regards to the GL entries generated on release of invoice and recognition, since the deferral schedule was created on an incorrect invoice, I assume the original invoice transaction should have credited revenue account instead of deferred revenue. 

Hence, if recognition is done on subsequent period ( other than original invoice release period),

  • reverse the recognition GL batch
  • create a GL transaction for invoice period to move the amount from deferred revenue to actual revenue account (correct GL batch generated on release of invoice).

Hope this clarifies. 
Regards,

 

 

I  just tried to recognize the revenue in one period, but still cannot figure out the way to mark the deferral schedule as completed or closed. i am confused. i would be appreciate if you could explain in detail. 

Besides, for the recognition on the original invoice release period, do we only need to reverve the recognition of the Gl batch? thank you very much!

Userlevel 7
Badge

Hi @joycexu46 have you been able to resolve your issue or do you still need assistance from @vkumar ? Thank you!

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