Scenario
Sales invoice generated from franchisor system at the time quote accepted. Job not undertaken until deposit paid and work scheduled. Since Covid 1-2 years wait for job to be done! Sales invoices all recorded as sales – but not actually taxable income until work completed.
Solution needed to identify jobs not yet started in order to account for Income in Advance.
Solution:
- Use ‘Expected date’ for planned installation date – and ONLY for this purpose
- Use Receivable Invoice Detail report with filter options
- Save as a custom report
- When installation dates further delayed the expected date is updated
- Documented procedures to ensure correct actions taken.
Check Leaine’s demo to find out more.
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