We upgraded this year to gain access to the revenue recognition feature as rev rec was a cumbersome task to manage with recurring transactions. Things were working fine when we created our SKUs and created the schedule within the product/services section (for reference, here's a video on youtube showing that process https://youtu.be/FgIZDgCJuFU).
I cannot recall receiving notice for this change from Intuit, but sometime around April/May of 2024 the process was changed and now rev rec is handled in a dedicated screen underneath Advanced Accounting in the menu. We caught this change when attempting to setup a new SKU on May 22, 2024.
We identified the account mappings for income and deferred revenue were missing in the "Assign product/service" screen. So, we set the account mappings and continued on with the year.
Now, we're reviewing our transactions and have identified that every transaction is posting only to the income account twice as a debit and credit instead of properly affecting the income and deferred revenue accounts. So, we went back in to the "Assign product/service" screen to confirm that our SKUs indeed have the correct income and deferred revenue accounts - which they did.
I'm now about 3 hours into sitting on support calls, explaining to reps what this feature even is and trying to get someone on the phone and was told some pretty hard to believe information.
The support rep on this case, [removed by moderator], is telling me that there's an active investigation as Intuit is aware that the revenue recognition feature is not working.
I cannot believe that Intuit would have a critical feature such as this that does not work and there has been no announcement and that further this issue would've persisted since at least May of 2024 without Intuit providing any notice to its customers that the rev rec feature is posting transactions to the wrong accounts.
We now have thousands of transactions to fix.
