Deferrals are used to record revenues and expenses in periods other than the period where we have posted the transactions.
Setups that you are required to perform are as follows:
- The main account setup for Deferral Account (Balance sheet) where deferred revenues are posted, when you post a sales invoice for services delivered over a span of multiple accounting periods. Refer to the following screenshot:
- The deferral template setup is where you can define Deferral Account, No. of Periods, Calc.Meth..., Start Date, and so on as shown in the following screenshot:
- Assign the deferral template to Resource, as follows:
- Record the sales invoice and view the deferral transactions as follows:
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