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Revenue Recognition - Advanced Billing

edited Jul 24, 2020 11:38AM in Ask A Guru 2 comments

All,

I have 3 questions

1. Just confirming that Advanced Billing Schedules simply spread out the creation of invoices and do not generate entries into unearned / deferred revenue.

I could only get journal entries created for each bill as follows (at the time the bill is created):

DR Receivables

     CR Revenue

2. But we could use amortization journal entries to progressively recognise revenue if it were earned over say 12 months? (this would be a workaround)

3. We would need advanced revenue management to do more complex revenue recognition (such as milestone billing)?

Thanks.

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