Deferred Revenue

Forum|Forum|4 years ago
March 29, 2022
1 reply
106 views

My company provides event-driven marketing services to companies. We invoice all the companies at the time of sale, but the marketing event occurs at a later date. Is there a way to 'map' the invoices so that when posted the debit goes to deferred revenue, rather than revenue? Right now I have to JE each invoice when entered, and then reverse each JE when the events occur and the revenue is earned..

(note: we do accrual accounting)

Thanks!

QuickBooks Online

ShiellaGraceA

Level 9

Welcome to Community, @malo21.

I'll share some insight about mapping customer invoices. QuickBooks record invoices to income and accounts receivable (A/R) by default. Thus, mapping them to deferred revenue is un-available. You'll have to record a journal entry.

I recommend consulting an accountant for best way to handle deferred revenue. You can visit our site to find an accountant near you: Find a ProAdvisor.

Here are some additional resources that'll help you manage customer-related tasks.

Feel free reply to this thread if you have follow-up questions or concerns about mapping invoices. I'm more than willing to assist you. Take care and have a great day ahead.

malo21Author

Is there any version of QB that allows for an invoice to be mapped to deferred revenue rather than reveune?

Anonymous

That seems to be the better way to do it for sure! I am running it by the owner and accountant right now! Thank you!

You’re always welcome, @heatherthebookkeeper.

I’m glad to know that the information and guidelines outlined by my colleague give you a better option to record the advance payment in QuickBooks Online (QBO).

Rest assured, every concern raised on the Community page will receive the proper attention. Having said that, feel free to ask any other questions you may have regarding QuickBooks here.

I wish you success in your business. Enjoy your amazing day!

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