How to write off an interest liability?

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Let's say i run a catering service. Someone has given me X amount of money as a deposit and the full amount will be paid on the day of the event which won't happen until my next accounting cycle. My assumption is that all the amount are exempt from recording it as a revenue even with the deposit. Also, the amount won't show up in my income statement. Am i correct?

How to write off an interest liability?