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Set up a product or service's revenue recognition schedule

by Intuit•124• Updated 4 days ago

Learn how to set up an automatic schedule for a product or service to help with revenue recognition in QuickBooks Online Advanced and Intuit Enterprise Suite.

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Prerequisites

Before you can set up a revenue recognition schedule, you need to turn on revenue recognition in your settings and create or select a suitable template to apply.

Assign a template to your product or service

To set up a revenue recognition schedule for a product or service, assign the appropriate template. This divides the total cost of the item on any invoice with it into regularly scheduled payments.

  1. Go to All apps A bunch of numbers and letters on a tile wall., then Accounting, then Revenue recognition (Take me there).
  2. Select Manage settings Dropdown arrow icon. then Manage templates.
  3. From the Manage templates tab, go to the Assign product/service tab.
  4. Select Assign template to products/services.
  5. In the Products/service dropdown, choose a service item, or add a new one.
  6. In the Revenue recognition template dropdown, choose either a standard template, or one you created.
  7. In the Liability account dropdown, choose a liability account, or add a new one.
  8. When finished, select Save.

You can now create invoices with a revenue recognition schedule applied by adding the product or service to them.

Even after adding a revenue recognition template, you can change the income account or a service item, or delete a template as needed.

Run the Revenue Recognition report

You can see the billed and recognized amounts in the Deferred Recognition Detail for each column. 

  1. Follow this link to complete the steps in product Open this link in a new window
  2. In the search bar, search for and open Revenue Recognition Report.
  3. Customize or filter the report as you see fit.

Related links

QuickBooks Online Advanced