The Scheduled Revenue and Expense object is a tool used to perform journal entries to amortize revenue associated with a billing.
- Navigate to the Billing Record you want to amortize revenue for.
- Click the Recognize Revenue button.
- Populate the following fields:
- Start Date - will auto populate with the Billing Cycle Start Date from the Billing record
- End Date - will auto populate with the Billing Cycle End Date from the Billing record
- Amount - This is the total amount of the Billing not the monthly amount.
- Debit GL Account
- Credit GL Account
- And any of the additional fields necessary from your business
If the Start Date or the End Date are not the beginning or end of a month a proration calculation will be done based on the number of days in the first and last Accounting Periods.