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Modify Account

Modules > Advanced revenue & expense deferrals > Deferral schedules > All deferral schedules > [select a deferral schedule] > [select Accounting > Modify account]

Use this page to change the deferral or recognition account of a deferral schedule.

Examples

Modify recognition account

A deferral schedule is created on January 1. The recognition occurs 100.00 each month to the 402800-old GL account. In April, after three months are recognized, the recognition account is changed to 401700-new. With the transaction date set to April 15, the following journal entries are created: 

April 15    
402800-old 300.00  
  401700-new   300.00

Modify deferral account

A deferral schedule is created on January 1 for 1200.00. The recognition of 100.00 occurs each month. The original deferral account is 202800-old. In April, after three months are recognized, the deferral account is changed to 201700-new.

April 15    
202800-old 900.00  
  201700-new   900.00

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Processes

Reclassify a deferral schedule: 

  1. From the All Deferral Schedules list or the Schedules form, select the deferral schedule you want, and select Accounting > Modify account.
  2. On the Modify Account page, select the account you want to change (deferral, short-term, or recognition).
  3. Select the New account.
  4. Select whether changing the account creates adjustment journal entries. If you select yes, select the Journal name and specify the Transaction date.
  5. Select OK.

Fields

This page contains the following fields: 

Field Description
Deferral/Short ter deferral account/Recognition account
  • When a deferral schedule is reclassified, the total unrecognized amount (long-term deferral amount) is transferred to the New account that you specify:
    • Deferral account
    • Short term deferral account
      (available only when the deferral schedule has a short-term deferral account and when the short-term deferral amount is greater than zero)
    • Recognition account
    New account

    Select a different deferral account.

    Create adjustment

    Select whether an adjustment journal entry is created when the account is changed: 

    • Yes: An adjustment journal entry is created when the account is changed. Default.
    • No: An adjustment journal entry is not created when the account is changed.

    When Deferral account or Short term deferral account is selected, an adjustment journal entry is always created. As a result, this option is set to Yes, and cannot be changed.

    For a recognition account, you can change this value.

    Journal name

    Select the journal name for transferring the unrecognized amount from the previous deferral account to the new one.

    Available when Create adjustment is Yes.

    Transaction date

    Specify the date on which the transaction is to occur.

    Available when Create adjustment is Yes.

    Buttons

    This page contains the following buttons: 

    Button Description
    OK

    Processes the deferral or recognition account change:

    • For a deferral account, a journal entry that transfers the unrecognized amount from the old account to the new account is created.
    • For a recognition account with the adjustment, a journal entry that transfer the recognized amount from the old account to the new account is created. If all recognized amounts went to the same account, a single combined journal entry is created for all lines. If the recognized amounts went to different accounts, separate journal entries are created for each line. The journal entries are in the same voucher and batch.

      • Note icon. Note: Adjustments are not processed for lines that have been stubbed.

    • For a recognition account without the adjustment, the recognition account is changed for all future journal entries.
    Cancel Closes the page without changing the deferral account.