does anyone have a way to recognize annual subscri...
# accounting
a
does anyone have a way to recognize annual subscription revenue without purchasing an add-on module? Can you leverage the cost amortization feature somehow to recognize the revenue over 12 months?
s
Yes it can be done by journal entries however if you need to be fully IFRS compliant then get a bundle. Auditors like to see reclassified revenue as well which bundle does it but not amortization.
a
@sam1128 trying to figure out a more automated way to do this, but would rather not spend a lot of $ on a bundle to recognize revenue for only 1 product we sell that has a 12 mo subscription. My company sells web domains, so we need to recognize each sale individually. We can certainly create a waterfall in excel and do it at the total level for the month, but I'd like to be able to get more granular than that.
e
A million years ago we did this via script but it was a pain and error-prone.