Author: Guccimeng

By making this journal entry, the company recognizes $6,000 of the prepayment as earned revenue and decreases the unearned revenue account by the same amount. The revenue recognition principle dictates that revenue should be recognized when it is earned, regardless of when payment is received.…

In most cases, it will be a sequential number or alphanumeric characters that is systematically assigned to each invoice (if it was done correctly). Despite appearing minor, the invoice number is crucial in any invoice. Every invoice should include a unique number to sort and…

You can also improve the performance of your partner law firms and vendors by giving them evaluations that include accruals vs. actuals reports at the entity levels. Then, you can generate detailed reports based on those different criteria with a click of a button. This…