Accrual Revenue Recording - Automation
Hello, community. Hope I can get some clarity on guidance for the next solution to my specific user case.
I run a professional services (civil engineering) firm and we are fully integrated with QOB (Timesheets, accounting, payroll). We are running our company under accrual settings in QBO but I have the following issue:
For some of our clients, our billing cycles include time from two months. When a invoice is created from the time imported from Tsheets) the invoice generated can and will include time activities for say July and August. QBO uses the invoice date to recognize all revenue, meaning all the time activities (spanning two months) are recorded say for August (if the invoice is created during that month) instead of identifying that some of the revenue/time activites within that invoice should be recognized across two months (July and August).
Currently, we are following the standard process and doing the journal entries to adjust the accounts and recognize the time activities/revenue when they occur but we want to automate the process.
I am aware of the new Revenue recognition feature but I dont believe that fits our process since we dont have a stated contract amount (we can add one) but more problematic is the fact that the templates is splitting the the revenue across 12 months.
Is there a workaround to automate the revenue recognition from the invoice using time activity?
Thank you all in advance.