Professional Services
Hourly Billing (Legal / Consulting)
Recording revenue for billable hours worked on a client project during the month.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Accounts Receivable | Asset (+) | 3,000.00 | - |
| Professional Fee Revenue | Revenue (+) | - | 3,000.00 |
💡 Accountant's Note
For service firms, revenue is recognized as the work is performed. If 20 hours were worked at $150/hr, $3,000 in revenue is recognized, regardless of when the client pays the invoice.
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