Deferred income and how to deal with it

If you invoice your customers in advance of the goods or service you supply then making sure those sales fall into the correct month in your accounts can be tricky. Not with e-conomic! With our Prepayments add-on module you can set your system up to post the amount direct into the months the sale relates to. So, if you have raised a sales invoice for let’s say, 6 months services in advance when you process your sales invoice you can select the time span the invoice should be accounted for, enter the first and last month and the amount will be divided between these and entered into your sales account accordingly.

You will need to do some simple setup up first, link your product group with the account your sales figure will sit in while it’s waiting to be charged out each month, once that is completed you are good to go!

As always we have a step by step guide on how to set this up within our Help tab:-

How to setup and process deferred income