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Pei Hua Tsai (pht)

Use case: 

We as VisionTech need to process the accrued revenue journal entry. VisionTech provided a consulting service to Company ABC from 4/1/2022 to 4/30/2022 . The agreement delineates two milestones. 

After each of which company ABC owes VisionTech $2,000. Also, the agreement only allows one billing at the end of the project (4/30/2022). ($4,000 total)



  • Today is 4/15/2022. VisionTech provided half of the service.
  • VisionTech needs to create accrued entry to keep track of the milestone invoicing track without bill company ABC.
  • VisionTech will create a final invoice on 4/30/2022 for $4000

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Pei Hua Tsai (pht)
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  1. Create a product. Service type, delivered qty. Cost xxx, Price $2000.

  2. Create a sales order with the product (from 1.), order qty. 2.

  3. Manually edit delivered qty. to 1.

  4. Sales order list view > action > accrued revenue entry


  5. Accrued Revenue Entry shows $2000 (based on invoicing policy). Select accrual account, e.g.: Current asset. *Please consult with CPA to define the accrual account type to reflect correctly on the financial report.



6.The reversal of accrued revenue entry will automatically created on 4/30/2023 which is the date we finally invoice the client for $4000 (Receivable and Product Sales)



Reference:

1. https://smallbusiness.chron.com/accrual-basis-accounting-accepted-gaap-63890.html


2.https://www.accountingtools.com/articles/what-is-accrued-revenue.html


3.What is deferred revenue:
https://www.investopedia.com/terms/d/deferredrevenue.asp




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