Deferred Revenue Journal Entry Quickbooks

You can easily add a new liability account by following these instructions by intuit quickbooks support.

Deferred revenue journal entry quickbooks. While you can set. Quickbooks gives you the ability to keep track of your revenue expenses and every other accounting detail related to your business. Concerning with the invoices that are paid in full you can t change the gl codes to deferred revenue. Choose which type of liability account you would like it classified as then rename it to deferred revenue.

Go to transactions chart of accounts then click new. R efer to this article for more information. Creating a deferred revenue account in quickbooks. Deferred revenue should be a liability account.

If your company sells monthly subscriptions such as a subscription to a website you may sometimes offer discounts when a subscriber buys a year s subscription. T he best option is to create a credit memo or use the journal entry so you can apply them in the future invoice. Once you have created the new. By default quickbooks does not create a deferred revenue account for your company.

Learn how to setup unearned or deferred revenue in quickbooks and how to use prorata to automate your journal entries. How to set up deferred revenue in quickbooks.