In Odoo 18 Accounting, deferred revenue refers to payments received in advance for goods or services that are yet to be delivered. These payments are recorded as liabilities on the company’s balance sheet and are recognized as revenue over time as the goods or services are provided.
Configuration:
To manage deferred revenues in Odoo 18, follow these steps:
Set Up Deferred Revenue Accounts:
Navigate to Accounting ‣ Configuration ‣ Chart of Accounts.
Create or edit an account with the type set to Current Liabilities or Non-current Liabilities.
This account will be used to record deferred revenues.
Configure Deferred Revenue Settings:
Go to Accounting ‣ Configuration ‣ Settings.
In the Deferred Revenue section, specify:
Journal: The journal where deferral entries will be posted.
Deferred Revenue Account: The liability account where deferred revenues are recorded.
Generate Entries: Choose between automatic generation upon invoice validation or manual generation.
Based on: Decide how revenues are recognized over time (e.g., by months, full months, or days).
Processing Deferred Revenues:
On Invoice Validation:
When creating an invoice for a product or service that requires revenue deferral:
Ensure the Start Date and End Date fields are visible and filled in the invoice lines.
Upon validating the invoice, Odoo will automatically generate deferral entries if configured to do so.
These entries will move amounts from the income account to the deferred revenue account and recognize revenue periodically over the specified duration.
Manual Generation of Entries:
If set to manual generation:
Navigate to Accounting ‣ Reporting ‣ Deferred Revenue.
Click on Generate Entries at the end of each period to create the necessary journal entries for revenue recognition.
Reporting:
Odoo provides a Deferred Revenue report that offers an overview of all deferral entries for each account. Access it via Accounting ‣ Reporting ‣ Deferred Revenue. This report helps in tracking the amounts recognized as revenue and those still deferred.
By properly configuring and managing deferred revenues in Odoo 18, businesses can ensure accurate financial reporting and compliance with accounting standards.
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