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How to Record Accrued Income?

Hi,

 

I would like to record accrued income as per my boss request to be on accrual basis instead of cash.

 

Basically we need to issue an invoice let say in July'19 but the payments we'll receive it partially.

The invoice we issued will be the lump sum of all, for instance $100k where we'll receive $20k for 5 months. 

 

I want to record the income realized only for every months. But so far I only got the whole $100k as our income for July'19.

 

I tried look around and noticed there aren't many people discussing this topic in Quickbooks. 

 

Thank you for your help! 

1 Comment
QuickBooks Team

Re: How to Record Accrued Income?

Hi Hanis2806,

 

You'll want to divide the total amount of your invoice and set up a recurring invoice to do this. Let me guide you through how.

  1. Click Gear.
  2. Click Recurring Transactions. Click New.
  3. Select Invoice in the Transaction Type drop-down.
  4. Click OK.
  5. Enter the invoice information. Then, set a schedule for the next invoice.
  6. Click Save Template.

Feel free to read these articles for more information: 

Once you already have the payment, you can go back to your report to see the transaction.

 

For QuickBooks Desktop, you can use the Memorized Transaction feature. Please refer to this article for the steps: Create, edit, or delete memorized transactions.

 

You might also want to check our page for future reference: Income and expenses.

 

Let us know if you have additional questions. We're always here to help.