MISC BILLING: CLASSIFY PAYMENTS AS PRIOR YEAR REVENUE

MISC BILLING: CLASSIFY PAYMENTS AS PRIOR YEAR REVENUE

A new report has been created for the Misc Billing module that will allow revenue type receipts (cash basis or deferred revenue) deposited in one fiscal year to be reclassified as revenue/receivable for the prior fiscal year. The report is accessed via Maintenance (Classify, Classify Payments as Prior Fiscal Year Revenue). The process will create revenue type payment records for the prior fiscal year with processing month of Post Year; offsetting revenue type payment records for the current fiscal year (using same processing month as the original receipt). The end result is that revenue is credited (deferred revenue debited, if applicable) for the prior fiscal year; and a receivable is reflected in the prior fiscal year (a debit) as well as the current fiscal year (a credit). Once the report is viewed/printed, setting flags will create the new payment records for the two fiscal years and mark them as verified and bank rec updated. These new payment records will need to be distributed so that activity is created in Financial Management for posting. Please note that whenever there is reclassification of revenue from the current fiscal year to a prior year, the Set Beginning Balances process from Financial Management will need to be run.

Product Date: Friday, December 14, 2012

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