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How to setup accrued income in OpenERP 7

OpenArc Systems Management (Pvt) Ltd
on 8/9/14, 12:18 AM 771 views

In OpenERP accounting product sales and service sales, full income is posted to the account on that particular financial period. However this will not be the case for service sales. Normally according to accounting standards here. Service income should be not count as revenue for one financial period, but the revenue should be divided into all the financial periods that comes under for service duration. So this will maintain a steady monthly cash flow, rather profit months and loss months.

Eg. If we are offering a education service (adacemic course let say), and this course runs for 1 year. If the student invoiced for the course in January. That is 12,000/=. The total income of 12,000/= is recored to the 01/2014 financial period. So all the income will be recored to january in this case. And all other moths will be in loss. But what should happen is that income of 12,000/= needs to be divided into all 12 financial periods and each monthly period will only register 1000/=

This is a standard practise in accounting, why this is not supported in OpenERP. Is there any way to achive this?

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Asked: 8/9/14, 12:18 AM
Seen: 771 times
Last updated: 3/16/15, 8:10 AM