The Scheduled Revenue and Expense object is a tool used to perform journal entries to amortize revenue associated with a billing.

Summary of Steps:
  1. Navigate to the Billing Record you want to amortize revenue for
  2. Click the Recognize Revenue button
  3. Populate the following fields
    1. Start Date - will auto populate with the Billing Cycle Start Date from the Billing record
    2. End Date - will auto populate with the Billing Cycle End Date from the Billing record
    3. Amount - This is the total amount of the Billing not the monthly amount.
    4. Debit GL Account
    5. Credit GL Account
    6. And any of the additional fields necessary from your business
  4. Click Save - This automatically Posts a Debit and a Credit to the General Ledger in the Accounts you have specified for each Accounting Period from the start date to the end date. 
Please Note:
 
If the Start Date or the End Date are not the beginning or end of a month a proration calculation will be done based on the number of days in the first and last Accounting Periods.
 
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5 Comments

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    Ranay Vig

    Is there a way to reverse the amortize revenue? I have amortized a bill over 12 months and now I need to void that bill. I had recognized the revenue for only 3 months. Thank you, Ranay

  • 0
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    Ryan Faulkingham

    Hi Ranay,

    Yes, if you click into that specific billing and scroll down to the amortized related list, you will be able to select the necessary records and unpost them. Once unposted, they can be deleted. You will want to verify that the accounting period is open before unposting. If you have any other issues around this, please submit a ticket to support.accountingseed.com. 

    Thank you,

    Ryan

  • 0
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    Rebecca Ralls

    It appears that the Billing, Payable and Fixed Asset fields on an Amortization entry cannot be updated if the record is posted.  Why?  They are not fields that are populated to the transaction or in any other way affected by whether the record is posted or unposted. Are there any plans to make these fields editable on posted AE records?

    Thanks!

     

  • 0
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    Ryan Faulkingham

    Hi Rebecca,

    Can you give a little more detail as in why you would want to make this change? Locking this down controls the relationship between the 2 records since this is where that posting came from. 

    Thank you,

    Ryan

  • 0
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    Rebecca Ralls

    Sorry - I thought I responded to to this!

    Being able to correct user error without opening past accounting periods to change non-accounting data is one reason. 

    Another use case is if you amortize an expense payable and then later decide to capitalize it and want to go back and add a reference to a fixed asset - it's a pain to have to unpost the record - again - in order to change non-accounting data.

    As long as you have history tracking enabled so you can see if the related AP/Billing/Fixed asset were changed, I don't see a good reason to lock these fields to the posting status.

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