Errors on journalized contract revenue

An errors tab is available when errors occur on journalized revenue. A red alert denotes that errors exist on the project contract. When the error is for an invalid account, the journal entry is added to an error suspense account. Correct the errors before continuing.

When the setup is corrected for each error, reverse the run group and journalize again. Errors are not deleted automatically. You can delete the error after you fix or resolve the error suspense entry. Correct each error, then reverse the run group. Journalize the run group again. If you deleted the errors, then verify that no errors exist. Repeat the correction process until no errors exist.

Posting projects are used in the set up for contract funding source for the clearing account, milestone, allowance, and retainage default values. If the end date for any of the default projects occurs before the invoicing date or the revenue recognition date, then a journalizing error occurs. You can extend the project invoicing POP for the default project to fix the error. The last day that is used to invoice or recognize revenue must be used by the POP. You can personalize the posting project list to show the begin and end dates and to designate the default project.