Creating Revenue Contracts With Opening Balances
To move revenue contracts to QAD Financials from another system, you need to re-create the existing revenue contracts using Revenue Contract Create. However, you then still need to add opening balances to those revenue contracts. You can add opening balances using Revenue Contract Opening Balance (37.1.25).
This program enables you to enter a single set of opening balance amounts for:
• Recognized revenue
• Deferred revenue
• Accrued revenue
You can then save these balances and the system creates sub-ledger records against the contracts. Corresponding journal entries are not created because it is assumed that the necessary balances on the recognized, deferred, and accrued accounts (and analysis) have already been created in the general ledger.
Important: You can only run Revenue Contract Opening Balance (37.1.25) for unprocessed revenue contracts. An unprocessed revenue contract is a contract that has not been processed by the revenue calculation. There are no revenue recognition sub-ledger records or corresponding revenue recognition postings for the revenue contract.