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AE: Converting Accounts Receivables to Investment Account
I was tasked to convert a client's A/R to Investments, but upon doing so cash-basis revenue is being recognized. It was suggested that we first:
- Create a JE (Debit: Investment | Credit: Accounts Receivable) to re-allocate the A/R balance to Investments.
- Apply the JE to the open invoices being converted (using the Payment function) to close the invoices ultimately removing them from A/R Aging.
From here, revenue is recognized on the accrual basis, but even if cash is not received cash basis revenue is being recognized through this non-cash transaction.
Any help on how to account for these types of transactions would be greatly appreciated!
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