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Expense Recognition
We are selling a service and each time we sell it we have a cost of the service that we must expense. We receive the full revenue amount of the service for the contract term up front, so we then defer revenue over the course of the contract. The revenue side works great. The problem is that we receive a bill for the expenses associated with the contract monthly, usually several days after the month closes. I would like to create a Cost of Service entry.
I have gone around the system many times trying to figure this one out. Is there a way to automate this or am I stuck with several journal entries in order to manage this business process?
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