Completing the Guarantee Process

Submitted by Anonymous on Tue, 10/06/2009 - 16:29

Tag:

Account Receivables

1. Customer commits to guarantee
When the guarantee is initially entered, the following accounting entry is created:
Unbilled Receivables 100 Dr.
Unearned Revenue 100 Cr.

2. Invoice of 40 applied to guarantee
These accounting entries are created:
Receivables (Invoice) 40 Dr.
                            Revenue 40 Cr.
Unearned Revenue 40 Dr.
                            Unbilled Receivables 40 Cr.
Net effect is:
Unbilled Receivables 60 Dr.
                           Unearned Revenue 60 Cr.
Receivables (Invoice) 40 Dr.
                           Revenue 40 Cr.

3. Payment of 40 received for invoice
These accounting entries are created:
Cash 40 Dr.
Receivables (Invoice) 40 Cr.

Net effect is:
Cash 40 Dr.
Revenue 40 Cr.
Unbilled Receivables 60 Dr.
Unearned Revenue 60 Cr.

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Completing the Guarantee Process

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