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Join nowFinancial planning firm provides service for an annual fee. The fee is billed quarterly in advance. Looking for guidance on how to properly report the following scenario in QBO:
Annual fee will be $4,800, paid $1,200 per quarter in advance. Firm needs to send client an invoice for the quarterly fee due in advance (it's not an invoice for service already performed, but instead an invoice for advanced payment due for services to be performed).
New client's first payment is due on 11/1/18 and covers the period 11/1/18 through 1/31/19.
Firm needs both cash basis and accrual basis financial reporting as of 12/31/18:
I've read some of the previous discussions on unearned revenues and issues with JE's, but I'm having some trouble making it all work in my scenario. I would appreciate any guidance on the following steps:
Thanks in advance.