How Are Deferred Payments Handled In The G/L?

The complete Sale is accounted for in the General Ledger at the date of the sale.

Sales                    80000

GST                     10000

Debtors                90000

When the Aged Trial Balance is printed, it shows how much is owing as at today’s date, any Deferred amount not yet due is lumped into the deferred column.  The Total Balance includes Deferred.  The Now Due balance does not include Deferred.

The Customer Verification report shows two figures, Customer Balance (Now Due) and Deferred Balance (Deferred) totalling to give Customer Balance (Total Balance).