Modify a Receivable

The table below summarizes some examples for modifying a regular receivable. All modifications to a Receivable (RE) transaction require an adjustment reason code. This code is posted to the ledger so that it can be used for management reporting purposes.

Purpose for modification	Method details
Reclassify unearned revenue as earned revenue	Automatic - To have the system automatically generate a Receivable modification transaction that reclassifies revenue, you must fill in the Reclassification Date field on the original Receivable transaction before you submit the transaction to final. This will trigger a record to be added to the Future Transaction Triggering table where it will be selected by the Future Transaction Triggering batch process on the reclassification date and the transaction modification will be generated. You can also specify that the automatically-generated transaction be put on hold to allow for further review or changes by checking the Hold Transaction indicator on the original Receivable transaction. (Refer to the "Future Transaction Triggering" topic in the Transactions User Guide for more information.) Manual - You can manually reclassify all or part of a receivable amount by decreasing, or reducing to zero, the amount on the unearned revenue line on the Receivable transaction, while adding a new accounting line to reclassify the amount reduced.
Increase receivable amount	Follow common transaction rules for modifying a Receivable transaction. Increase the accounting line amount.
Decrease receivable amount	Decrease the accounting line amount. You cannot reduce the accounting line amount to be less than the closed amount.
Change accounting distribution	Change one or more Chart of Accounts fields on the Receivable transaction. The accounting distribution cannot be changed if the Receivable line is closed (be it partial or fully).
Enter interest and fees	Interest and fees can be recorded automatically by the system or manually. The default types of fees that can be posted manually included interest, late fees, administrative fees, non-sufficient fund fees, and "other." Add fees at the accounting line level, using normal transaction entry practices.
Indicate suppression of finance charges or billing, or a change in the status of a collection action	You can suppress billing or finance charges, and change the status of collection actions by making appropriate check box entries on the Receivable transaction. Some of these indicators are also updated automatically by system batch processes.

To modify a RE, perform these steps:

Open the transaction that requires modification in the Transaction Catalog. The transaction must be in a final status in order to create a modification draft version.
Perform the Edit action to create a draft modification transaction.
Make necessary modifications. In particular, Adjustment Reason Code on the Accounting tab is required.
Perform the Validate action to validate for errors.
If errors exist, fix the errors and repeat Step 4. If no errors exist, then continue with Step 6.
Perform the Submit action to submit the transaction.