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Accounts Receivable Entry

Posted By MargoB over 9 years ago

I'm trying to create a year-end adjustment through general journal entry by Dr Accounts Receivable and Cr. Revenue for the work completed but not billed/invoiced at year end. However, general journal doesn't allow me to Dr. Accounts Receivable account so I was hoping someone can help me figure out how to go about it.

0 Smith and Co over 9 years ago

You would use a 1000 account called Work-In-Progress instead of Acct Receivable. Whenyou bill the customer you would credit the W-I-P account instead of revenue.
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0 RandyW over 9 years ago

If these are individual orders that are each complete, but not billed, you could post them as a receivable as of year end, then post a credit note to the first day of the new fiscal year.

If they're partially completed, then you have to use a separate WIP account.
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Accounts Receivable Entry

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