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Moving deferred income (Liability) to income.

Forum|Forum|1 year ago
October 2, 2024
2 replies
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I need to move deferred revenue (Liability) to income in QuickBooks. What is the best way to do this? The remaining amount in the deferred revenue account is $10,000. Thanks!

QuickBooks Desktop

Best answer by MelroseV

We can use the journal entry to transfer your deferred income (liability) to income in QuickBooks Desktop (QBDT), @GCHIAP. I'm here to assist you with the steps.

Before proceeding with the steps, I recommend asking your accountant for assistance with the account type that is the best to use. Also, they can help your financial data stay accurate.

Here's how:

Select the Company tab.
Click Make General Journal Entries.
Select the income accounts from the Account field and enter the corresponding amount in the correct column.
Check the amounts. The Credit column on one line and the Debit column on the other should have the same amount.
Select Save & Close.

If you are interested in sprucing up your reports in QuickBooks Desktop, you might find this article helpful: Customize reports in QuickBooks Desktop. It offers detailed information on personalizing reports to suit your needs.

Keep this thread handy for future questions or concerns about your account in QBDT. My team and I are here to ensure you feel supported and confident in managing your finances. We always look forward to assisting you.

M

MelroseVAnswer

We can use the journal entry to transfer your deferred income (liability) to income in QuickBooks Desktop (QBDT), @GCHIAP. I'm here to assist you with the steps.

Before proceeding with the steps, I recommend asking your accountant for assistance with the account type that is the best to use. Also, they can help your financial data stay accurate.

Here's how:

Select the Company tab.
Click Make General Journal Entries.
Select the income accounts from the Account field and enter the corresponding amount in the correct column.
Check the amounts. The Credit column on one line and the Debit column on the other should have the same amount.
Select Save & Close.

If you are interested in sprucing up your reports in QuickBooks Desktop, you might find this article helpful: Customize reports in QuickBooks Desktop. It offers detailed information on personalizing reports to suit your needs.

Keep this thread handy for future questions or concerns about your account in QBDT. My team and I are here to ensure you feel supported and confident in managing your finances. We always look forward to assisting you.

G

GCHIAPAuthor

Very helpful. Thank you so much for your response. I believe I was over thinking all of this. It was really very simple.

I

Irene R

You're most welcome, Ghiap.

I'm glad that my colleague provided you clarifications with your deferred income (liability) to income concern in your QuickBooks Desktop (QBDT). Your encouraging feedback motivates us to persist in delivering optimal solutions for any issues you may encounter.

For future reference, this resource may prove useful in the future if you wish to reverse a journal entry to exchange the debits and credits, or to remove it completely: Reverse or delete a journal entry in QuickBooks Online.

If you require further assistance with any QuickBooks-related queries, don’t hesitate to reach out by clicking the Reply button. We’re here to help you anytime.

Rainflurry

@GCHIAP

You can make a journal entry that look like this:

	Debit	Credit
Deferred Revenue	10,000
Income		10,000

Or, you can create a $0 invoice that has the income item entered as $10,000 and a deferred revenue item (set one up if you don't have one) entered as -$10,000.

G

GCHIAPAuthor

Thank you. As I thought. This was very helpful. I think I over analyzed. I appreciate your response.

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