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Cancel Entire Schedule

Modules > Advanced revenue & expense deferrals > Deferral schedules > All deferral schedules > [select a deferral schedule] > [select Cancel > Entire schedule]

Use this page to reverse any recognized or stubbed amounts and cancel the deferral schedule to prevent further recognition.

Example

A deferral schedule for 3,600.00 is created. The amounts for two months have been recognized: 

  • 101.92
  • 92.05

At the time the deferral schedule was canceled, 1,200.01 was in the short-term account.

The following four journal voucher are created: 

  • four separate voucher numbers
  • two vouchers are for reversing the recognized periods
  • one voucher is for moving the entire schedule amount from the deferral account to the cancellation account
  • one voucher is for the short-term adjustment, moving 1,200.01
Date Voucher Deferred Company Account type Account Description Debit Credit
July 12, 2018 GNJL002074   usmf Ledger 250500-001 USMF-000220:1/1/20...   101.92
July 12, 2018 GNJL002074   usmf Ledger 401100-001--Services USMF-000220:1/1/20... 101.92  
July 12, 2018 GNJL002075   usmf Ledger 250500-001 USMF-000220:2/1/20...   92.05
July 12, 2018 GNJL002075   usmf Ledger 401100-001--Services USMF-000220:2/1/20... 92.05  
July 12, 2018 GNJL002076   usmf Ledger 250600-001 Cancellation: USMF-00... 3,600.00  
July 12, 2018 GNJL002076   usmf Ledger 300160-082 Cancellation: USMF-00...   3,600.00
July 12, 2018 GNJL002077   usmf Ledger 250600-001 Short-term deferral ad...   1,200.01
July 12, 2018 GNJL002077   usmf Ledger 250500-001 Short-term deferral ad... 1,200.01  

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Processes

Cancel an entire deferral schedule: 

  1. From the All Deferral Schedules list or the Schedules page, select the deferral schedule you want, and select Cancel > Entire Schedule.
  2. On the Cancel Entire Schedule page, select whether to Create cancellation entries.
  3. If you select to create cancellation entries, select the Journal name and the Cancellation account. Also, specify the Transaction date.
  4. Select OK.

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Fields

This page contains the following fields: 

Field Description
Create Cancellation Entries

Indicate whether the journal entries are created for canceling the unrecognized amounts:

  • Yes: Creates journal entries for canceling the unrecognized amounts.
  • No: Does not create journal entries for canceling the recognized amounts.
Journal name

Select the template for the general journal entry.

Specify the journal name.

Transaction date

Specify the date on which the journal entry is posted.

Cancellation Account Specify the revenue cancellation account.

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Buttons

This page contains the following buttons: 

Button Description
OK

Cancels the deferral schedule. During processing the following occurs: 

  • Creates a journal voucher that reverses all recognized and stubbed amounts.
  • Creates another journal voucher that moves the full amounts to the cancellation account.

All vouchers are in the same journal and are on the specified date.

Cancel

Cancels all changes and closes the page.

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