We have a use case where we had the incorrect income account on an item used by ARM. We already have recognized revenue for a few months and need to update the revenue arrangement so that the plan uses the new income account going forward. How do we achieve this?

Hi keith, right now you cannot change the Income account on an item if it has transactions posted against it. In the past I have had to make a new item record with the same Item Number and inactive the old number. However, I just read that in the 2021.2 release they are going to make it available to be able to change the accounts on an Item Record without effecting transactions closed in locked periods. Very excited for that, but I haven't tested it myself since we haven't been upgraded yet.

I actually was able to change the income account on the item that is on transactions but the issue I am having is updating the arrangement so that future JEs book to the new income account. What is best practice to change this once revenue starts to recognize?

@AI1 you mind sharing where you saw that change in the 2021.2 release? I’m reading the release notes now and can’t find any reference to that but my old eyes may be failing me…. @Keith Weaver there may be a better idea but the only approach I know of would be to bill remaining (if it was off a SO) and credit the existing transaction in full, then post a new transaction with the correct item configuration, generating a new Rev Arrangement and Plan. Beyond that the only other option I can think of would be to re-open the previous periods, delete the rev rec JEs, delete the revenue arrangement off the affected transactions, roll everything back and hope your numbers don’t change anywhere else.