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Remove Number Fields to the Accounting Contract

Remove Number Fields to the Accounting Contract

Aug 6th, 2022

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How to Remove Number Fields to the Accounting Contract

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In this video, the focus is on the completed contract method in accounting. It contrasts this method with the percentage of completion method discussed in a previous tutorial. Under the completed contract method, revenue from a long-term contract—like a five-year project—is not recognized until the contract is fully completed, meaning revenue is booked at the end of year five. This video aims to clarify the completed contract method by referencing examples from the percentage of completion approach, highlighting the similarities between the two methods to enhance understanding.

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