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Evidence of an Arrangement: There must be a documented agreement between the buyer and seller.
Transfer of Risks and Rewards: Ownership risks and rewards must shift from the seller to the buyer.
Delivery or Service Completion: Goods must be delivered or services rendered.
Fixed or Determinable Price: The sale price should be established and measurable.
Measurable Revenue: The revenue must be accurately quantifiable.
Collectibility Collectability Assured: There must be a reasonable expectation of payment.
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Control Transfer: Revenue is recognized when control of goods or services passes from the seller to the buyer.
Completion of Performance Obligations: Upon fulfilling its promise(s) in a contract, a business can recognize revenue.
CollectibilityCollectability: Revenue should only be recognized if payment is reasonably assured.
Point-in-Time vs. Over Time: Recognition can occur at a specific point or over a period, depending on when the performance obligations are satisfied and control is transferred.
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Within LogiSense Billing revenue recognition rules and custom reports are available, and customizable, to suit your requirements. For an overview of how revenue recognition is configured in LogiSense Billing see the link to the configuration guide below.
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