How to change revenue rule when Recognize on Invoicing is used

When changing the Revenue Rule from Recognize on Invoicing to something else, the system will error out and provide a similar message:

Revenue Recognition Rule cannot be modified as a revenue schedule has been generated with a Revenue Rule that uses Recognize on Invoicing as its recognition method. 

To resolve this error, change the Subscription and remove the Product with the Recognize on Invoicing rule and add it back with the Straight-line rule.