Construction
Milestone Payment Received from Client
Collecting a payment linked to achieving a specific project milestone (e.g., structural completion).
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash in Bank | Asset (+) | 500,000.00 | - |
| Accounts Receivable (Progress Billing) | Asset (-) | - | 500,000.00 |
💡 Accountant's Note
Milestone payments clear the progress billing receivable. The cash receipt does not create revenue — revenue was recognized earlier when the work was performed.
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