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What tips or tools are available for revenue recognition requirements for company using QuickBooks?

Are there any recommendation on tools that are available for a company utilizing QuickBooks to help support revenue recognition requirements, without migrating to a large ERP platform?

This question was asked by an attendee during the Proformative webinar "Taming Revenue Recognition: Best Practices to Ensure Compliance" held on March 12, 2013. Join the discussion and add your insights below.

Answers

Topic Expert
Bob Stenz
Title: Controller
Company: Silicon Valley start-up
(Controller, Silicon Valley start-up) |

Excel worked well for deferred revenue (i.e. maintenance) and the allocation requirements of EITF 08-01 and 09-03. In fact, for startups or companies where assumptions may change, Excel is my first choice (or one to beat) given its flexibility.

Topic Expert
Jaime Campbell
Title: Chief Financial Officer
Company: Tier One Services, LLC
(Chief Financial Officer, Tier One Services, LLC) |

QuickBooks can handle certain revenue recognition requirements in-software. Memorized transactions, clever use of items, consistent use of the fields, and custom summary reports can make revenue recognition very easy to execute once it's set up.

I do agree with Bob that if backup calculations need to be shown or if the assumptions might change, Excel is good to show the backup. However, I am an advocate of having as few data sources as possible, which is why I'd do everything possible to stay within the QB environment.

Please feel free to reach out to me privately if you would like to have a conversation about some specific QuickBooks techniques.

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