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How to clear Deferred or Unbilled amounts when Invoicing doesn't match Revenue
We use % complete to recognize services revenue. We bill a lot of our services 50% upfront and 50% upon completion. However we do have a few instances where we might recognize 75% of the revenue for a project and have the customer decide they don't want to continue. If we have billed 50% of the line and legitimately recognized 75% of the revenue as we completed the work and earned it. How do we clear the 25% unbilled revenue from the balance sheet? We legit earned the revenue, but if we close it out it leaves a balance orphaned on the balance sheet.
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