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Service Contracts for Periods longer than 1 Year
einsTeIn.NET
Member Posts: 1,050
Hi community,
Did anybody come across the following problem and knows how to solve it?
Let's say we have a maintenance contract that is prepaid and we only want to recognize revenue after service has been provided. So far, so easy. Just have to tick Prepaid in the Service Contract to create the Service Ledger Entries for the period and move the revenue to P&L when the maintenance service order is posted.
Now, how to handle that in case the Invoicing Period is longer than one year? Depending on when the Service is provided you can always have the problem that you have to touch ledger entries for years that are already closed, or that are not open at that point in time.
So, from your experience, what is the best way to set it up in NAV?
Did anybody come across the following problem and knows how to solve it?
Let's say we have a maintenance contract that is prepaid and we only want to recognize revenue after service has been provided. So far, so easy. Just have to tick Prepaid in the Service Contract to create the Service Ledger Entries for the period and move the revenue to P&L when the maintenance service order is posted.
Now, how to handle that in case the Invoicing Period is longer than one year? Depending on when the Service is provided you can always have the problem that you have to touch ledger entries for years that are already closed, or that are not open at that point in time.
So, from your experience, what is the best way to set it up in NAV?
"Money is likewise the greatest chance and the greatest scourge of mankind."
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