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Is it possible to mass change the revenue recognition rule as set on the revenue element? The item was set up incorrectly. Period is still open and no revenue has been posted so far

Tried changing the rev rec rule on the rev rec plan, but the planned revenue did not update

rev rec rule is set on a item record which is a static record and thus cannot be update downstream.  Best way to deal with it is to open the original transaction and book a credit, process that and then add the same (well, updated with the correct settings) item and process it.  no mass update  per se, but definitely can be done with CSV uploads

and then you can also try bulk rev rec plan update - see SA 51423 if it works for you

but still - if a plan has started an update is not available to that plan