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How does Accrued Revenue Entry work in Odoo v16?

Accounting odoo16features Quickstart SF-Experts

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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

Pei Hua Tsai (pht)

Autor Najlepsza odpowiedź

Create a product. Service type, delivered qty. Cost xxx, Price $2000.
Create a sales order with the product (from 1.), order qty. 2.
Manually edit delivered qty. to 1.
Sales order list view > action > accrued revenue entry
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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