How do you fix revenue recognition plan if credit memo caused only 50% recognition?

AI generated answer (using internal Slack threads):

****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ****** To fix a revenue recognition plan where a credit memo caused only 50% recognition, you would need to adjust the revenue plan manually. Here are the steps you can follow: 1. Go to the revenue plan and set the whole amount in the next period. 2. Release the next period journal for closed journals and change the date to the current period. 3. Tick the reversal option and set the date in the same period. This will ensure that the debit and credit will balance in the same period. Please note that you might have set an accounting preference that allows you to edit actual plans. You can click Edit for Actual plans, but you can only update the lines that were not recognized yet. If the credit memo was created in a closed period, you might need to create a journal entry to reverse the impact of the revenue arrangement posting and then a second journal entry to write off the credit memo. Please be aware that creating a dummy invoice to reverse the credit memo is generally not recommended as it can lead to complications and is often considered bad practice. Remember, these steps should be taken with caution and it's always a good idea to consult with your accounting team or a NetSuite professional to ensure you're following the best practices for your specific situation.