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Future revenue / revenue recognition

Started by THOMAS WEIGELT in Feature Requests | Idea

Hi, we are a travel agency and base our PL etc. on the date of travel. But sometimes we send invoices out way before the travel date.

Now I want the amount to turn up in the month of travel, not in the month I issued the invoice (same for costs). Means if I issue in July an invoice for travel in September I want it to be shown in the revenue in September - not July.

I know there are ways to work around this manually - but this would put just too much workload on our accounting. I suggested once (as there is no special revenue module in Xero) to add another date field to payable and receivable invoices called something like "posting date". It should default to the invoice date but one should be able to change that date. And the revenue (or costs) would turn up in that month.

Not sure if I am the only one who would need this, if yes let me know. The solution seems to me quite easy to implement (though I am not a programmer)
Official Xero Reply
Hi Michael, sorry for not catching this sooner. Tracey's not Xero Staff, but one of our great Partners in community sharing their knowledge. :)
@All - We don't have development for future revenue recognition in our plans right now (Jan 19). Repeating journals like you've noted is an option for now, and I'll merge this request into this larger conversation where you may want to read some of he help in the previous posts there.
 

Kelly M (Community Manager)

Best Reply as chosen by Xero API (Community Manager)
Hi again,

I'm thrilled to report that Flowrev is now a Xero certified and marketplace listed add-on!

Flowrev helps you automate and streamline your revenue recognition with Xero. You can learn more at:
flowrev.com/Xero

Flowrev is currently free to use. Sign up and evaluate the system easily at:
flowrev.com/register

So if you've been using spreadsheets for revenue recognition, find yourself spending too much time and possibly dreading handling each new period or the changes that invariably arise, now's the time to check it out. If you simply have not been able to do revenue recognition, for sure check it out. Beyond compliance, the financial and strategic benefits gained are well worth it.

Xero's add-on certification process is thorough, and their requirements (e.g. security) are rigorous. If you need to do so, Flowrev's certification should help you allay concerns and make the case to your management, your firm's partners or to your clients.

Please let me know if you have any concerns or questions (e.g. pricing post beta). We'll be happy to address/answer them, and help you on-board.

Best regards,
Kamal
--
Kamal Varma
Founder
Flowrev

PS: a shout out for the Xero API team - they are wonderful to work with, and add a lot of value during the certification process.
 

Kamal Varma