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Reply from VidhyaDhar on Jan 9 at 10:29 PM Hi
If the Customer Debit and Sales credit entry happens along with the entry.
COGS debit and Goods in Transit Credit in the same accounting period ( contrary to the scheme of entries I had furnished earlier ) then, I suppose it agrees with the matching principle and the revenue recognition (both happening in the same fiscal period).
Regards
VidhyaDhar
| | | ---------------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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