Service Revenue Recognition

gtramble · ‎July 07, 2020

My client is a health services professional who typically invoices her clients in arrears. She may not invoice her clients until after several appointments, but the invoice lists each appointment with the actual date the service was provided shown.

Is there a way for QuickBooks Desktop to recognize the revenue on the Date shown on the invoice for each line item, not the Invoice date. For example, say she sees a client on January 15th, February 15th and March 15th. After the March 15th session she gives the client a single invoice with all three sessions listed - each session is listed on a separate line with the actual date. The invoice is dated March 15th.

How do I get the January revenue recognized in January, the February revenue recognized in February and only the March revenue recognized in March.

Thanks

gtramble · ‎July 08, 2020

Thanks for your responses.

I'm going to ask my client to produce at least once invoice per month for each client she sees during that month.

Each invoice produced will be dated the month the revenue is earned so the revenue will be recognized in the correct month.

It would have been better if the revenue was booked on the date specified on the line describing the service being performed on the invoice, but I guess this is too granular for QB Desktop. At least I can display the individual dates on the invoice even if the dates are not used for anything else.

View solution in original post

Nick K · ‎July 07, 2020

Hi gtramble,

Having your invoices show information the way you want is a great way to save time and allow you to add your own creativity. I can help go over how to modify your invoice to show what you want.

In order to add dates to each line of your invoice you will need to modify the description on the Invoice page and manually add the dates. Once they are added they will show on the invoice in the description line when print it out.

Our developers are always looking to hear feedback about what businesses are looking for. If you want to have a report that shows a customer list by price level or the ability to customize to include it, you can submit ideas online by going to Help>Send Feedback Online>Product Suggestions.

Have a great night.

gtramble · ‎July 07, 2020

The invoices look OK but QB appears to recognize the revenue on the invoice date instead of the date on the line.

In the example above, all revenue is recognized on March 15th. In fact, it was earned on Jan 15th, Feb 15th and March 15th.

Fiat Lux - ASIA · ‎July 08, 2020

@gtramble

I would recommend these steps:

1. Record all of your activities in XLS format.

2. Once you are ready invoicing to a certain client, migrate the data into company file as Invoice by using a 3rd party importer tool. You may modify any data prior to import if required.

https://transactionpro.grsm.io/qbd

https://partners.saasant.com/affiliate/idevaffiliate.php?id=5051_2

3. Send a billing statement to your client

https://quickbooks.intuit.com/learn-support/en-ca/sales-customers/create-a-billing-statement/01/3947...

Hope it helps.

gtramble · ‎July 08, 2020

Thanks for your responses.

I'm going to ask my client to produce at least once invoice per month for each client she sees during that month.

Each invoice produced will be dated the month the revenue is earned so the revenue will be recognized in the correct month.

It would have been better if the revenue was booked on the date specified on the line describing the service being performed on the invoice, but I guess this is too granular for QB Desktop. At least I can display the individual dates on the invoice even if the dates are not used for anything else.

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