If you’d like Synder RevRec to skip a certain subscription from being recognized (due to your business flows, or due to accounting or reporting reasons), the guide below will explain how you can do this.
When Synder is composing a Revenue Recognition Journal Entry, it looks at the mapping of products and income accounts to understand which account it should take the amounts from (usually “Deferred revenue” linked to the product in QuickBooks) and where to put them (usually “Income account” linked to the Synder Configuration).
However, if Synder can see that the account linked to the product in QuickBooks is the same as the account in Synder Configurations, Synder will skip the Journal Entry and your books won’t be affected at all.
Let’s look at the example:
In QuickBooks, all the products from the Large, Golden, Silver, and Bronze subscriptions are mapped to the “Stripe sales” account.
This way, when an invoice comes into the books for any of these products, it’ll credit (increase) the income account directly, without affecting the Deferred Revenue at all.
QuickBooks product income accounts in the Products and Services tab
Now you need to set Synder up not to sync monthly recognition Journal Entries:
In the Synder Revenue Recognition Configuration, Stripe subscription mapping prices for the Large, Golden, Silver, and Bronze subscriptions are mapped to the above QuickBooks products (the “Accounting product name” column) and to the same “Stripe sales” income account (the “Income account” column).
Synder RevRec mapping of products and income accounts in the Configuration tab
When Synder is composing a Revenue Recognition Journal Entry, it’ll see that the Journal Entry will be moving the amount from and to the same account, so it doesn’t affect the books.
|Journal Entry line account||Debit||Credit|
As a result, Synder won’t sync it to the books and will put the “Synced with warnings” status to it.
Reach out to the Synder team via online support chat, phone, or email with any questions you have – we’re always happy to help you!