Skip ke Konten
Pertanyaan ini telah diberikan tanda
Accountingodoo16featuresQuickstartSF-Experts
1 Balas
4262 Tampilan
Avatar
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

Avatar
Buang
Avatar
Pei Hua Tsai (pht)
Penulis Jawaban Terbai

  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




Avatar
Buang
Post Terkait Replies Tampilan Aktivitas
[V16] How do I import journal entries with an analytic account (distribution)? Diselesaikan
Accounting odoo16features Quickstart SF-Experts
Avatar
Avatar
2
Okt 25
9926
[V16] [V17] How can I automate bank reconciliation with a fixed percentage fee from the bank statement? Diselesaikan
Accounting odoo16features Quickstart SF-Experts
Avatar
1
Des 23
4416
[V16] What is the production account in the accounting setting: automatic accounting section? Diselesaikan
Accounting odoo16features Quickstart SF-Experts
Avatar
1
Des 24
5968
Tax distribution import template Diselesaikan
Accounting odoo16features Quickstart SF-Experts
Avatar
1
Sep 23
2607
[17.0][Accounting] How does deferred expense work and impact on financial report? Diselesaikan
Accounting odoo16features Quickstart SF-Experts
Avatar
1
Feb 25
4053