Deferred Revenue - Time earned -No deposit from Customer

I have read all the replies concerning Deferred Revenue and I still have not found an answer.

Situation: We provide a service. Invoices produced from Time sheets submitted by engineers, program managers, purchasing staff; drafting personnel, consultants, etc.. The time sheets are used to process bi-monthly payroll for employees & contractors

We are a Cash base provider. 

 We have to accumulate time for certain projects but cannot invoice until job completes. We need to accumulate time in cust acct instead of loose time sheets kept in a file. Which could be lost or misplaced.

Could we possibly :

Create an invoice but offset amount with an item: Deferred Revenue  Acct -  Asset That way it does not go to the A/R.

 

Tex Mex