Professional Services
Fixed-Fee Milestone Invoice Raised
Billing the client when a contractual milestone is achieved, converting the contract asset to a receivable.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Accounts Receivable (Milestone Invoice) | Asset (+) | 20,000.00 | - |
| Contract Asset (Unbilled Revenue) | Asset (−) | - | 15,000.00 |
| Professional Fee Revenue (Fixed Fee) | Revenue (+) | - | 5,000.00 |
💡 Accountant's Note
The milestone invoice converts previously recognized contract asset revenue to a receivable, and recognizes any additional revenue earned since the last reporting date. The right to bill is now unconditional.
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