[Deborah Mills]

Hello.

We are on GP2013 R2 and we use the field service module, contract administration for our maintenance contracts.

When posting February contract revenue in our CDN company, an incorrect FX rate was in place, resulting in the misstatement of our revenue in the functional currency.  Of course, the revenue in the originating currency was correct.

 

Is there any way to correct (remove this incorrect posting in the contract module data) and repost now that the rates are corrected?  I know I can correct the GL but would prefer if possible to correct at the source since now our YTD reports are inaccurate.

Any ideas?

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Deborah Mills
Controller
Constellation Software
Toronto ON
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[Elaine Barry]

Dear Deborah:

There are many ways to fix this situation, however, in preserving the Audit Trail for integrity, I would recommend doing the same thing you already did in error, although this time making the FX negative, to zero out the first posting, then re-doing it with the corrected rate, all on the same date…seems like a lot of work, but will be the most safe from criticism in the long run…glad that you caught it before it got out!

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Elaine Barry
ERP Business Systems Analyst
Enterprise Business Solutions
Orlando, FL
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[Thaddeus Suter]

In CA Contract Revenue Recognition you can reverse a posted Revenue Recognition Entry for an individual Contract under Utilities – Service – Contract Revenue Recognition Reversal.

Open the Utility and find the contract, year and period that you want to reverse. When you Post it will create an unposted GJ. Go to the GL and find the entry and verify it is reversing the originating currency and the FX currency at the rates and date you want to exactly offset the original posting. Fix the GJ if needed before posting.

Now go back to Contract Revenue Recognition and the Contract, Year, and Period will reappear to be posted again. Make sure your rates are correct for the dates before posting the Contract RR and all will be OK.

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Thaddeus Suter
Retus, Inc
Helotes TX
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[David Flowers]

Would this Revenue reversal utility also work to correct long term Contracts that have been posted but the ending fiscal year wasn’t set up yet?

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David Flowers
System Admin -GP and Salesforce Support
RMG Enterprise Solutions
Addison TX
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[David Flowers]

Answering my own question – there is a Field Service Utility that’s new or I’ve never seen before called “Re Calculate Contract Revenue”. It recalculates the unposted revenue to the open fiscal years. 

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David Flowers
System Admin -GP and Salesforce Support
RMG Enterprise Solutions
Addison TX
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