How to Record Unearned Revenue
Therefore, amounts received in advance for goods or services to be provided in the future must be recorded as unearned revenue, a liability, until the goods are delivered or the services are performed. Unearned revenue, sometimes referred to as deferred revenue, is payment received by a company from a customer for products or services that […]
Setting Up A Legal Chart Of Accounts For Your Firm
Congress enacted a law, the Corporate Transparency Act, that requires the reporting of beneficial ownership information directly to FinCEN. State or local governments, financial institutions, and other federal agencies, such as the IRS, may separately require entities to report certain beneficial ownership information. However, by law, those requirements are not a substitute for reporting beneficial […]