How to create two account (Deferred Revenue and Revenue) for Event Type using auto accounting
Hello,I have few projects which are withhold project.
1. This means revenue of these projects are deducted based on withhold %. For example , project 11000 has 10% withold and if there is revenue for $100,000 then withhold should apply and reduce revenue to $90,000. 2. This Revenue should be accounted into Revenue account while withhold amount $10,000 should be recorded into deferred account.
3. Customer should be billed for $90,000
4. When milestone meets then this withhold should be removed and revenue should be recognized for this $10,000 withhold amount
5. This deferred sheet account should be reduced to Zero dollar.
6. Customer should be billed for this additional $10,000 revenue.
Here is the accounting:
1. This means revenue of these projects are deducted based on withhold %. For example , project 11000 has 10% withold and if there is revenue for $100,000 then withhold should apply and reduce revenue to $90,000. 2. This Revenue should be accounted into Revenue account while withhold amount $10,000 should be recorded into deferred account.
3. Customer should be billed for $90,000
4. When milestone meets then this withhold should be removed and revenue should be recognized for this $10,000 withhold amount
5. This deferred sheet account should be reduced to Zero dollar.
6. Customer should be billed for this additional $10,000 revenue.
Here is the accounting:
0