Using Guided Recognition to Recognize Revenue and COGS

You can use guided recognition to recognize all revenue and COGS for one or more invoices by reviewing summarized pay item information. You cannot use guided recognition for an invoice if that invoice includes a line with a schedule attached.

1. When you select the Summarize check box on the Work with Invoice Revenue Recognition form, you can select invoices with a combination of single and multiple pay items, and single and multiple G/L distribution lines.

2. After you select the records, click the Row menu and select Guided Recognition.

3. The system displays the Recognize Revenue form populated with information for the first selected invoice. The system displays an asterisk (*) in the Pay Item field to indicate that the grid is displaying a summary of all pay items. The amount fields are populated with the sum of all of the pay items. All amount fields are disabled. You can enter values in the G/L Date field and the Reason Code fields. To review all the invoice pay item information for a selected invoice, select the Form menu and select Pay Item Details.

4. After you click OK, the system displays the information for the next invoice on the Recognize Revenue form, if you selected multiple invoices; or returns to the Work with Invoice Revenue Recognition form, if you have reviewed all of the selected invoices. The system recognizes revenue and COGS by using the remaining amount for each G/L Distribution line for the selected invoices. During the guided recognition, you can select Cancel to quit the revenue recognition.

5. The system updates the records in the F03B116 and the F03B117 tables with the appropriate amounts and the reason code. On the Work with Invoice Recognition form, the system updates the Revenue Recognition Status field to Recognition Complete. The system also sets the batch to pending or approved status.