Reversing journalized contract revenue

You can reverse revenue that has already been journalized. When reversing journalized revenue, no draft or created invoices can exist.

When you run this process, Global Ledger journal entries are created to reverse the original revenue entries. Transaction and milestone flags are reset. Project contract, project funding source, and LTD balance amounts are reversed. The project date range is validated, but these issues are not validated:

Valid pairs
Rules for structure validation
Inactive dimensions

Revenue that is reversed is returned to a created status. The revenue can be deleted or lines can be removed and re-journalized. A RER event code is used to notate the reversed revenue. Before you run this action, verify that the event code exists in the finance enterprise group event code list. If the event code does not exist, then run the Update Global Ledger Event action on the finance enterprise group.

Sign in as Project Accountant, Project Administrator, or Project Manager.
Select Project Contracts.
Select the Contracts tab and open a contract.
Select Actions > Reverse Journalized Revenue.
Specify this information:

Posting Date

Specify the posting date for the revenue reversal.

Run Group

Select the contract revenue group to reverse. Only run groups with a status of Journalized are displayed.

Delete Reversed Revenue

Select this check box to delete the reversed revenue. If this check box not selected, then the reversed revenue status is updated to Created.
Click Submit.
If the Delete Reversed Revenue check box was selected, then click OK to confirm.