Create an automated posting for Revenues, Cost of Sales, contract assets and contract liabilities based on new ASC 606 revenue recognition guidelines. Contracts must be evaluated by each performance obligation and revenues recognized as obligations are satified. This does not always follow the contract payment schedule for invoicing customers and accounting entries need to be made manually to record the appropriate amount of revenue, costs of sales and any contract assets/liabilities that arise from the variances of recognized to billed amounts.

by: Susan N. | over a year ago | Payroll / Job Cost