Professional Services
Engagement Close-Out — Final Revenue True-Up
Recognizing the final tranche of revenue on a fixed-fee project once all deliverables are confirmed complete.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Accounts Receivable (Final Invoice) | Asset (+) | 8,000.00 | - |
| Contract Asset (Unbilled — Cleared) | Asset (−) | - | 5,000.00 |
| Professional Fee Revenue (Final Tranche) | Revenue (+) | - | 3,000.00 |
💡 Accountant's Note
At project completion, the final invoice is raised and all remaining contract assets are converted to receivables. Any revenue not yet recognized (deferred under milestones or percentage-of-completion) is recognized at this point.
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