Submitting revenue reversal for approval for contract revenue by contract

If the enterprise project structure is set to approve revenue recognition, then an action to submit revenue reversal for approval is displayed. This action changes the approval status to Submitted For Approval. The status of the record remains in a Journalized status. After the record has been submitted for approval, the approver can approve or reject the records. When approved, the record approval status is changed to Revenue Reversal Approved. When rejected, a Comments window is displayed. The approver must specify an explanation for the rejection. This explanation appears in the body of the email that is sent for the record. Rejecting a record changes the approval status to Rejected. If one record is rejected, the entire group is rejected. The record can be deleted or corrected and then resubmitted for approval. After the records are approved, then the action to journalize can be run. All records in the run group must be approved before journalizing.
  1. Sign in as Project Accountant, Project Administrator, or Project Manager.
  2. Select Project Contracts.
  3. Select the Contracts tab and open a contract.
  4. Select Actions > Submit Revenue Reversal For Approval.
  5. Specify this information:
    Run Group
    Select the contract revenue group to reverse. Only run groups with a status of Journalized are displayed.
  6. Click Submit.
    The approval status of the revenue is Submitted For Approval and the status is Journalized. No changes can be made to the revenue.

    The approver either approves or rejects the revenue reversal. If the revenue reversal is rejected, a comment is required to explain the rejection. The comment is displayed in the body of the email. The rejected revenue reversal has a status of Journalized and the approval status is Rejected. If one record in the run group for a contract is rejected, all records for the run group for that contract are rejected.

    If the revenue reversal is approved, the approval status is updated to Revenue Reversal Approved and the status is Journalized. The Reverse Journalize Revenue action can be run.