Service Contract Revenue Recognition to be set as daily
Service contract is created and transaction invoice is created in receivables. After that 'Recognize Revenue' process is run to enter accounting entries. These entries are posted on monthly basis. We need these entries to be posted on day basis.
Currently, When an invoice is created from a service contract and revenue is recognized, journal entries are posted on a monthly basis. Requirement is to recognize revenue on day-wise basis. We have tried changing accounting rule to 'Daily Rate', 'Daily Rate Partial Period', 'Day' but it did not impact the accounting entries. Customer has a requirement that since revenue is significant for a single day, they want to have day wise accounting.