Deferred Revenue - How to Create via Add Invoice

This method is used where you have created a Production Invoice that has resulted in revenue being recognised, and you wish to defer some or all of the revenue recognised on that invoice.

If you choose this method you must select the Job No. the transaction relates to.

Steps:

Go to Accounting / General Ledger / Revenue Tools/ Deferred Revenue/ New Deferred Revenue
By Default the ADD INVOICE button will be checked
Enter or select the JOB NO from the drop down menu
The OFFICE of the JOB will automatically populate
The date of the Revenue Deferral will default to today's date, which you can change if necessary
If required you can change the ACCOUNTING YEAR and or ACCOUNTING MONTH
Click NEXT
This will display a list of the approved INVOICES for this JOB NO
By default the PERCENTAGE OF EACH LINE TO DEFER field will display 100%.
If you know you want to defer less than 100% of the total invoice you can enter the percentage here. NB you don't need to do this at this stage as you can change the specific amounts in the following screen
Check the box to the left of the INVOICE you want to defer the revenue from
Click NEXT
This page lists the source transactions from the selected invoice, and displays the amounts to be deferred
Edit any amounts that you wish to change, for example you may wish to alter the amount of revenue to be deferred so that it is different to the amount of revenue recognised on the selected invoice
If there are revenue lines from the source invoice that you don’t wish to defer, place a check/tick next to that line(s) and click DELETE LINE
Once you have confirmed that the amount of revenue to be deferred is correct, click the SAVE & CLOSE button – you will be returned to the Deferred Revenue browse page
If you know when you want to release the Revenue Deferral you can set up automatic entries by clicking on the hyperlink RELEASE SCHEDULE
Enter the Scheduled Release Date/s and the Release percentages
Click SAVE & CLOSE