Hello,
Interested in using the Revenue Recognition Feature, but not able to track down resources around these specifics. If a Service start date is used, along with Daily Revenue Recognition for a year long service, will revenue be recognized as of the start date through the remainder of the month, or will the full month (number of days) be recognized?
Welcome to the Community, @SwagScott. I understand that you are seeking clarification on how the revenue recognition works.
Revenue recognition allows you to register a payment for the goods or services that you will be providing in the future. It helps businesses of all sizes to recognize their revenues in a consistent way over time.
When you specify a service date on the invoice, QuickBooks Online will use this information to determine when to initiate the revenue recognition schedule. In the scenario you described, where you have a year-long service, the revenue will be recognized starting from the Service start date and continue throughout the remainder of the month.
Additionally, here is an article I can share with you so that you can add customer profiles to add them to transactions or invoices. You'll be able to stay organized and keep track of them: Add and manage customers in QuickBooks Online (intuit.com).
If you have further questions about the revenue recognition, feel free to message below. We are always here to help. Have a nice day!
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