Sorry – pressed enter before typing the question.We had a few contracts that were on non-accrual status at the end of January and most had been on non-accrual for many months.Because of a configuration error they returned to accruing status at February month end and all income that had previously been in the non-accrual account was recognized as income in February.We have corrected the configuration and the contracts will return to non-accrual status at the end of March,The March income will post to the non-accrual account but the income inadvertently recognized in February will not be reversed.The question is whether there is any way we can reverse the income incorrectly recognized in February for these contracts?Is there some way the system can handle this automatically – rather than passing a manual journal entry to reverse the income in Feb?ThanksNaga
Naga
Sorry – pressed enter before typing the question.We had a few contracts that were on non-accrual status at the end of January and most had been on non-accrual for many months.Because of a configuration error they returned to accruing status at February month end and all income that had previously been in the non-accrual account was recognized as income in February.We have corrected the configuration and the contracts will return to non-accrual status at the end of March,The March income will post to the non-accrual account but the income inadvertently recognized in February will not be reversed.The question is whether there is any way we can reverse the income incorrectly recognized in February for these contracts?Is there some way the system can handle this automatically – rather than passing a manual journal entry to reverse the income in Feb?ThanksNaga