Deferred Journal Entry (JE)
A Deferred Journal Entry is a journal entry scheduled to post at a future date or over a period, typically used for revenue or expense recognition (e.g., deferring income from a subscription). Manages accounting entries that need to be recognized gradually or later, aligning with GAAP or IFRS standards.
Key Features:
- Created via Transactions > Financial > Create Amortization Schedules or as part of revenue recognition.
- Linked to an amortization or deferral schedule (e.g., spread $1,200 over 12 months).
- Posts automatically on the specified date(s) or period(s).
- Not editable once the schedule starts unless reversed/adjusted separately.
Example: A $12,000 annual contract signed in January, deferred to recognize $1,000 monthly over 12 months.
Memorized Journal Entry (JE)
A memorized journal entry is a template of a recurring journal entry saved for reuse, manually triggered or scheduled to streamline repetitive transactions. Saves time for frequent, predictable entries (e.g., monthly rent expense) without automatic deferral logic.
Key Features:
- Created via Transactions > Financial > Make Journal Entries > Memorize.
- Can be scheduled (e.g., monthly) or manually recalled and posted.
- Fully editable before posting; no automatic deferral or recognition logic.
- Stored under Lists > Memorized Transactions.
Example: A $500 rent expense JE memorized to post every 1st of the month, manually or via schedule.