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How to terminae a deferral schedule?

  • 16 February 2022
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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?

Thanks.

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Best answer by vkumar 16 February 2022, 06:42

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Hi @shuang57 

Since there is no option available to cancel / terminate a partially recognized deferral schedule, here is what you can do. 

  1. Modify the next recognition amount manually. Ensure the previous recognition plus modified amount equals to total deferred amount. 
  2. By doing this, once you recognize next transaction, the schedule status changes to ‘Closed’
  3. You can do the reversals / appropriate adjustments once schedule is closed

Here are relevant screenshots. 

  • Modified the next recognition amount
  • Deleted future recognition lines from the schedule 
  • Ran the recognition
  • The status of schedule has changed to closed 

Here is an existing feature request posted on our community portal> Ideas page, requesting an option to cancel deferral schedule.

Hope this helps.

Regards,

VijayKumarU
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Thank you @vkumar 

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.

Regards,

Shuang.

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Hi @shuang57 

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.

Regards,


Regards,

VijayKumarU
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Hi @vkumar No worries. Thanks a lot for answering the question completely.

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