Tag Archives | Revenue

Revenue Recognition on Materials Purchases – Gross or Net?

Government Contracts often include tasks requiring the Contractor to make purchases on behalf of the Government Customer. It’s important in these circumstances to consider whether the Contractor is, in reality, acting as an Agent. That conclusion might impact how the revenue for such activity is to be reported under U.S. GAAP – gross or net. […]

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What Have You Done to Prepare for Year-End?

If your accounting system is current and reconciled monthly, you are already on the right track! If not, now is the time to research and resolve discrepancies so the year can be closed with confidence. Tips and Reminders Reconciliations & Year-End Processing Establish a schedule and allocate responsibilities. Follow up on and resolve outstanding issues. […]

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Cracking the Code of Unbilled Receivables

Unbilled Receivables can present a significant risk for government contractors and can affect revenue, audits, and obtaining lines of credit. Having Unbilled Receivables means revenue has been recorded but not yet billed. It is important to understand what makes up this balance and reconcile this account as part of your month-end process. There are several […]

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