Logistics
Freight Revenue Recognition (Bill of Lading)
Recording revenue for a shipment once the goods have been delivered or the contract terms are met.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Accounts Receivable | Asset (+) | 2,500.00 | - |
| Freight Service Revenue | Revenue (+) | - | 2,500.00 |
💡 Accountant's Note
Under IFRS 15, revenue is recognized when control of the service passes to the customer, usually upon confirmed delivery for short-haul or pro-rata for long-haul.
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