We use the cash accounting method. However, in line of work the owners want the unearned revenue tracked. I collect a deposit, and then 3 installement payments. I have a Unearned Revenue account & Revenue account. What would me Journal enter look like? And what about the sales tax collected? Thank You
Unearned revenue is part of accrual-basis accounting since if you were doing cash-basis accounting, you would recognize cash received as Revenue when received. Suggest you need to pick one or the other.
Trying to mix them will make a mess for you on tax returns for sure.
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