On Payment in Full

 

At the time of invoice, the amount is held in the unearned income account. 

 

 

At the time of receipting payment of the invoice in full, the amount still remains held in the unearned income account.

 

Once the invoice that the pre-need item /s are on, is paid in full, the unearned income general ledger account, is netted off to zero. 

 

The corresponding transaction is in the profit and loss, revenue general ledger account, where the revenue is now recognised.

 

 

If the item sold is a Right of Interment Item (ROI) there may be additional transactions associated with Land Values, Capital Improvements and Cost of Goods Sold, this will be explained further in the Right of Interment Items (ROI) section.

 

 

 

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