As defined in Create a Product, Product configuration defines future behaviors:

• Taxable Treatment
• Accounting Treatment (Deferred Revenue amortization vs. recognize upon Invoicing)
• General Ledger Account code to be used for transactions using the Product 

Edit Existing Product

Preconditions:

1. Once a Product ID has been created, the Product ID can never be modified or edited.
2. When a Product is currently in use in a Subscription, the Product cannot be deleted in Ordway.  Read more about the steps requires to delete a Product. 
3. Chart of Accounts must be defined in Menu > Finance > Chart of Accounts and covered in Chart of Accounts.
4. Revenue Rules must be defined in Menu > Finance > Revenue Rules, refer to Manage Revenue Recognition Rules.

Steps:

1. Navigate to Menu > Products & Plans > Plans and click on the Product to edit.
2. Click More > Edit.
   
3. Make changes and click Save.

When changes take effect:

When a user edits and saves a Product, changes are reflected in all future transactions that are created in Ordway after the change. Further, when the Chart of Accounts is edited on a Product, any Subscription using that Product will inherit changes the next time it is used. 

Example: A Chart of Accounts was changed on April 1st from 111 to 222. Therefore, any transaction after April 1st for that Product will post to the 222 Account. 

In addition, any Journal Entries already created will not be updated, but accounting flows down to all Sub Charges that are inherited from the Plan or Product; and therefore, will be updated. Future Journal Entries created use the updated Accounting information. Any Journal Entries to be deleted and then recreated after the Accounting information has been updated will utilize the updated Accounting details.

Examples:

Change Product Name - the old Product Name remains on the Subscription Charges and the Invoice Description depending on the logic configured in the Invoice Template display which is explained in Create Invoice Email Template.