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Question from Question_Asker on Oct 7 at 4:56 AM Hi Gurus,
Please help.
When loading service contracts our system straight lines revenue recognition over the period of the contract.
Often we bill in advance for contracts running in the future and thus revenue recognizing in the future. Therefore the entries when billing is Dt Debtors and Ct Deferred Revenue.
However, we recently had to credit and re-invoice one line on a contract. The total contract value that is straight lined/deferred over the period of the contract doubled. I.e. the credit note was not taken into account as the contract value should only show the second value that was re-invoiced.
The outcome was that the credit note reduced revenue in the month instead of reducing the deferred revenue for the contract.
Is there any way to issue credit notes linked to the contract so that the contract value is adjusted?
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