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- Select Microsoft Dynamics GP > Tools > Routines > Service Management > Maintenance Contract > Recognize Revenue.
- You can filter by customer, location, and/or contract. This allows you to make an adjustment for adjust a single contract if, for example, you have a contract that cannot be renewed or closed until the revenue recognized equals the billed amount.
- Select an Open Year. The Recognize Revenue window lists open years and the fiscal periods in each year.
- Select a Period.
Before posting, select Print Edit List to print a list of the contracts with the revenue amounts and the posting dates. The Revenue Recognition Edit List prints. You can also print the Maintenance Contract Expiration report. You need to close or renew contracts before recognizing revenue for a contract's last period when using percentage-of-completion.
Note Revenue will not be recognized for a contract if the customer is on hold.
- Select the period you want to recognize revenue for and select Post.
If you are using the percentage-of-completion revenue recognition method, you receive messages stating that year-end closing should be run prior to before recognizing revenue in subsequent fiscal years and that maintenance contracts ending in the period should be closed or renewed prior to before recognizing revenue. Select Continue in both caution windows. You need to close or renew contracts before recognizing revenue for a contract's final period.
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