Deferred Income | Scribe

    Deferred Income

    • Annmarie |
    • 44 steps |
    • 2 minutes
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    Deferred income refers to money received that will be recognised as income at a future date that falls under another financial year. For instance, it can occur when you receive an advance payment for services that you will provide later.
    1
    Navigate to [https://www.myfundaccounting.online](https://www.myfundaccounting.online/dashboard)

    Receive deferred income

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    The below steps will guide you in recording an amount of deferred income
    2
    Click "Transactions"
    3
    Click "Transaction assistants"
    4
    Click "Deferred income"
    5
    Click "Receive deferred income"
    6
    Read though the statement and should you wish to proceed tick the check box next to "I have read the warning and wish to continue" and click continue
    7
    On Step 1 Select the Liability code from your list
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    Click "Next Step"
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    On Step 2 select the current asset from your list
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    Click "Next Step"
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    In Step 3, input the date, provide a reference, and enter the amount of income you wish to defer.
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    Click "Next Step"
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    On Step 4 Select the fund that this transaction should affect
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    Click "Next Step"
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    On Step 5 confirm the selections that have been made > Once ready click "Save & Post"

    Convert deferred to actual income

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    The below steps will guide you in converting deferred income to actual income