Revenue is recognized incorrectly for all previous years because Project Controller was not properly closed prior to running for period 01.
Closing Project Controller Module advances balance forward for projects.
1. Open Project Controller Setup screen. Change Current period back to 12-xxxxx (xxxxx represents last fiscal year)
2. Run Close Period for Project Controller to Advance project back to current year period 01
3. Re-run Revenue Recognition for period 01 in Preliminary to confirm revenue amounts are correct
(Note – user should see large negative amounts to back out extra amount that was previously recognized. The net amount left should be the proper recognition for period 01.)