Issue/Symptom/Question

I made a mistake of saying yes to reverse revenue recognition and I need to reverse or delete the reversing journal entry. Penta will not allow me to delete a revenue recognition document from an accounting period close process. I can't make a new journal entry to reverse the original one because of the edit rule with the account. I can't change the edit rule because the account has a balance. Are there any ways around this?

Applies To

PENTA for Windows

Finance & Accounting > Processing > Revenue Recognition

Resolution/Fix/Answer

Once an Accounting Period Close has been processed, PENTA will not allow the reversal of the Revenue Recognition for the Closed Period. 

Steps to take:

1) A User with access to a closed period can make any necessary adjustments, journal entries, etc.

2) Revenue Recognition Process can be processed again for the closed period

3) If all reports look as expected, the closed period can be closed again to lock in the most recent revenue recognition.

In the situation above, the period was closed without a revenue recognition.  The steps above will allow for a revenue recognition to be processed and the period closed again. 

Note: PENTA does have an option to run revenue recognition with the Close process, so the situation above doesn't happen, however, customers have requested a way to prevent the system from potentially changing Revenue with the Close process.  The separate steps allow for revenue to be reviewed and verified prior to locking down the period.