iamkuma
03-09-2006, 02:36 PM
I am having a major problem with Quickbooks and was hoping somebody could help. We are a service company who would like to start recording revenue as follows:
Certian clients are to be billed before work has been completed. We need to track this revenue separately in a liability account labled "deferred revenue" since we "owe" the client the work. Once the work has been completed, we need to shift the revenue from deferred to actual income.
We also have clients who we cannot bill until work has been done entirely. However, we should be accruing revenue along the way based on what stage the project is in.
If anyone can PLEASE PLEASE help, it would be GREATLY appreciated!
Thank you!
Certian clients are to be billed before work has been completed. We need to track this revenue separately in a liability account labled "deferred revenue" since we "owe" the client the work. Once the work has been completed, we need to shift the revenue from deferred to actual income.
We also have clients who we cannot bill until work has been done entirely. However, we should be accruing revenue along the way based on what stage the project is in.
If anyone can PLEASE PLEASE help, it would be GREATLY appreciated!
Thank you!