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Charge-based Project Revenue Recognition - Credit Memos
Hi Community,
We are using charge-based billing projects with project revenue recognition. We have two types of project typically - Time & Material and Fixed Fee/Fixed Date.
Revenue Recognition is working nicely for us for the initial revenue events (recognising As Charged on either Time-Based or Fixed Date billing rules). The issue comes when we must raise a Credit Memo for an Invoice.
The Credit Memo obviously has its own GL impact - Dr Deferred Revenue Cr AR, however, we cannot seem to properly create or update a Revenue Arrangement/Revenue Plan which subsequently would generate a revenue recognition journal entry to reverse the original Income posting. I have tried two approaches:
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