DeReToo Deferred Revenue Tool Sign In Sign up Now
A QuickBooks® utility to:
“I received $12,000 for an annual maintenance contract, but need to recognize it as deferred income, and then recognize $1,000 each month as the service is rendered.”
- Identify liability account(s) for deferred revenue.
- Identify items (like SaaS, maintenance contracts, magazine subscriptions, etc.) used on an invoice. More than one may be used for this purpose.
- Identify fields on your invoice for DeReToo. The Contract start date and end date are required, and the simplest set up uses the invoice date as the start date and defaults to a 1 year contract (or other fixed term), or you can specify start and end dates.
- Run the set-up process to set up the tool.
Using the tool
Once a month, open DeReToo. Your QuickBooks® invoices will be displayed for processing after synchronizing with the QuickBooks® Web Connector. DeReToo will scan your invoices and show the customer, the invoice, dates, and the spread of revenue. It will then create a transaction for each month, moving earned revenue from the liability account(s) to the income account(s) for the month.
It will then automatically create renewal invoices if desired, allowing you to choose the ones to post to QuickBooks®.