Understand Changing Transaction Amounts

Use Change the amounts for Advanced Contract Changes to correct or renegotiate transaction values while retaining the same dates and items. The system offsets the original with a negative entry and creates a new transaction with updated amounts, ensuring accurate invoicing and revenue schedules. This is ideal for pricing updates or billing errors.

Common use cases:

• You accidentally billed a customer the wrong amount ($1,000 instead of $10,000).
• The Transaction amount changed, but the dates and items remain unchanged.
• You agree to change the Transaction amount shortly after contract signature.

How it works

Once you select the transactions you would like to change, you'll be able to select the new amounts to use going forward. The original transaction will be offset 1:1 with a negative ("adjustment") transaction and the system will create a new transaction equal to the revised amounts. If your prior periods are closed, a cumulative catch-up adjustment is recorded in the first open period. The net difference between the original, adjustment, and new transactions will be billed to your customer using the original invoicing schedule.

Example:

Customer moving from a $1,000 ($12,000) to $2,000 ($24,000) per month contract.