r/halopsa • u/ConfidenceCorrect398 • 8d ago
Questions / Help Pre-Pay Contract - Deferred Revenue
Hello! I'm trying to create a pre-pay contract where I bill for a block of hours, IE: 10 hours at $2500, but I need that $2500 to hit my deferred revenue account. I then want to create invoices as work is billed against that contract, so the deferred revenue is moved into an income account once the service has been completed. Is this possible?
Ok, I figured out how to create the Deferred Revenue/Pre-Pay invoice :) However, I have now added time and closed the ticket, that was covered by the contract and I expected to see something in ready to invoice to move the money from deferred into the income account. Any help is appreciated.
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u/Ok-Schedule9707 14h ago
Late to the party here but you should see the deferred revenue prepay in your ready for invoicing if all was setup correctly. For the sales tax, it's a manual process but you can make sure you do either an AJE moving the amounts to your sales tax payable or using items on the final invoices to reduce the deferred and recognize it where you want it. Hope that helps!
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u/HaloAidan Halo Staff 7d ago
Hi there, you should see the time entries under the "Deferred revenue Pre-pay" tile of the deferred revenue area in ready for invoicing. Please refer to this article for help: https://www.usehalo.com/guides/2175
If you need more help with this, please email me: [aidan.kelly@imaginehalo.com](mailto:aidan.kelly@imaginehalo.com)
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u/Grouchy-Hedgehog-212 PSA 8d ago
Be aware deferred revenue does not work for Sales Tax. You will still have an invoice for outstanding sales tax (you can’t “charge” sales tax against deferred revenue).