I need some help with recording deferred/unearned revenue in Sage. Does anyone have experience with this function in Sage? The customary way does not seem to work in Sage, so I need to know how others have recorded it.
Please help!
Thank you.
I need some help with recording deferred/unearned revenue in Sage. Does anyone have experience with this function in Sage? The customary way does not seem to work in Sage, so I need to know how others have recorded it.
Please help!
Thank you.
setup, settings, receivables, linked accounts
deposits and prepaid orders should be linked to a liability account (prepaid sales/deposits)
create a receipt, which has a list of file, edit, view, receipt
click receipt, and check 'enter deposits'
this will give you an 'deposit amount' field to record the prepayment
once you've create the invoice (at a future date), create receipt will allow you to applied this deposit
Hi Roger. Thank you for your input. I tried what you suggested, and it worked until I got to the invoice part. In the invoice, I couldn't use prepaid sales/deposit account (to offset the original credit to that account), when I created the receipt. The program wouldn't let me. It also won't let me do a general journal entry with that account. I don't understand why. Did I miss something?
the prepaid amount is applied to the invoice using 'create receipt' - you're paying the invoice, not from the bank, but from the prepaid 'red' amount
You don't necessarily want to 'offset' the invoice with the credit. Ideally the invoice will always show the full amount with the proper taxes etc. You could make a note in the description part of the invoice that a deposit of xxx.xx dated MMMDDYY has been received but the amounts do not change.
Then the receipt portion can have the 'deposit' amount applied to the invoice making it a zero receipt.
Pmt to pay on Invoice 1000.00
Deposit 1000.00
Equals a nil receipt.
Then print off a statement which shows the original invoice, the deposit applied to the invoice and the balance of invoice outstanding.
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