Posting Maintenance Contract Renewals

If you are using percentage-of-completion revenue recognition, a final transaction is created when you renew or close a maintenance contract. Use the following procedure to post this transaction.

Posting renewals makes the appropriate general ledger accounting entry to transfer all current year costs to total-to-date costs and recognize revenue for the current fiscal year on the profit and loss statement. A POST RENEWALS batch is created in General Ledger.

1. Select Microsoft Dynamics GP > Tools > Routines > Service Management > Maintenance Contract > Post Renewals. The Post Renewals window lists the number of maintenance contracts you have renewed or closed for a given period and year.
2. Select Print Edit List.
3. Select Post to post the renewals for the year.

If you try to post to a closed period, you receive a message. Select OK. You are then asked if you would like to reassign the transaction(s) to another year/period. Select Reassign to open the Reassign Posting window. Select a period and select OK to reassign the transaction(s) to an open year/period.