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b1953
Mar 15, 2007, 04:03 AM
I am in a construction and want to know how to book monthly deferred income. I have sales that are recognized in this month but will not receive the money until next month; thus deferred income? I use QuickBooks Enterprise.
CaptainForest
Mar 15, 2007, 04:30 PM
Are you recording your revenue on the cash basis or the accrual basis?

If on the accrual basis…

Just…
Debit Accounts Receivable
Credit Revenue

Why they pay you next month…
Debit Cash
Credit Accounts Receivable
RAVINDRA_P1983
May 12, 2007, 12:05 AM
what is deferred revenue expenditure