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Reply from sridharca on Jan 10 at 9:05 AM Vidhya Dhar,
Actually, none of your scenario (in your last 2 posts) will happen as per my suggestion-
You deliver the goods and hit
Dr GIT
Cr Inventory
Then, get the acceptance for billing the customer (this period / next period / any period does not matter)
Dr AR
Cr Revenue
Dr COGS
Cr GIT
The matching principle is intact.
Sridhar
| | | ---------------Original Message---------------
From: Amy A
Sent: Friday, January 06, 2012 5:32 PM
Subject: Revenue and COGS Cancellation and Reposting for Revenue Recognition Contracts
Hello,
I have a question relating to revenue recognition related contracts. For some of the contracts, revenue recognition and COGS is posted but both revenue and COGS needs to be deferred for various reasons such as customer acceptance not received, etc. at the month end. Current process is to reverse both revenue and COGS manually by journal entry. Then, re-post to revenue and COGS in future months by way of journal entry. Are there any options to automate reversal of revenue recognised and COGS and then automate re-posting of revenue and COGS?
Thanks,
Amy |
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