Deferred/ Unearned revenue
Dear Zoho Team,
Just in case you have missed out my query posted few days ago:
We issue invoices relating to 12-month web hosting service. When we issue the invoice, we should record the entire amount of the invoice as DEFERRED/UNEARNED REVENUE (ie. $10 x 12 mths = $120, balance sheet item). After the particular month of the hosting service, $10 of revenue will be earned and deferred revenue amount will be $110. The process of adjusting the balance sheet and income statement over the course of the service will continue until the company has fulfilled its obligation of services and the liability to the customer reaches zero. This would be exactly the same as when Zoho Corporation receives 12-month subscription from customers.
Can you guide me how to issue such invoices (deferred revenue) in Zoho? Furthermore, how to correctly record all the above transactions (including monthly recognition of 'earned' revenue and reducing the 'unearned' revenue) in Zoho?
Thank you in advance for your help.
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