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KatieFinance
Level 1

Deferred revenue

We receive payments months before our performances. In the past, this was entered as earned income however since we recieve payment months before the service is provided this should be entered as deferred revenue. We need it changed for 3 years back. Is there a way to change the account from earned income to deferred revenue? And have it retroactively change the past transactions? 

1 Comment 1
Rustler
Level 15

Deferred revenue

Since you have desktop, first make a back up

create the liability account named deferred revenue

edit the items used to record payments and change the linked account name

 

If QB says you can not do that, restore from back up

 

it will mean making amended IRS filings for those three years too.

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