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Autofill Accounting Contract

Autofill Accounting Contract

Aug 6th, 2022

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How to Autofill Accounting Contract

5 out of 5

48 votes

In this video, Devin Coons discusses complex journal entries related to contract assets and unbilled accounts receivable (AR) for services, emphasizing the significance of ASC 606, the new revenue recognition standard. Coons introduces key concepts surrounding contract assets and unbilled AR, illustrating them with a case study. From December 1 to December 31, 2019, Coombs Inc. provided $1,500 worth of services on a time-and-material basis as part of a fixed fee project set for completion on January 31, 2020. The fixed fee aspect is crucial, highlighting the customer's expectation for a completed project. The tutorial aims to clarify these advanced accounting topics for better understanding of revenue recognition practices.

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