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How to: Stop Revenue Recognition Midlife and Reverse Deferred Revenue Balance

edited May 21, 2020 7:35PM in Ask A Guru

There are instances where in the middle of the life of an engagement with a customer, the user is required to stop the Revenue Recognition after the contract with the customer is canceled or terminated. This would also entail the user to reverse the remaining Deferred Revenue Balance.

The user may create a Credit Memo to offset the remaining revenue to be recognized. After creating a Credit Memo, user may just opt to generate the Revenue Recognition for the next periods as it will only cancel out the revenues from both transactions or user may do the following to stop generating succeeding revenues for both transactions:

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