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If he received 75K as deferred income, then he took a deposit or retainer, enter that transaction.If he received 75K in cash, deposit that amount in a bank account and us a liability account you create for the loan as the source account for the deposit
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deferred revenue means you have received 75K but have not earned it yet (no expenses posted against the revenue)
The liability means you owe some one for something you bought
What is your boss trying to account for when he throws those terms around?
He received 75,000 as deferred revenue and another 75,000 as liability. Just trying to figure out what is the best way to enter these two items into QB Online. Are you able to help?