The Scheduled Revenue and Expense object is a tool used to perform journal entries to amortize revenue associated with a billing.
Summary of Steps:
- 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
- Click Save - This automatically Posts a Debit and a Credit to the General Ledger in the Accounts you have specified for each Accounting Period from the start date to the end date.
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.