Professional Services
Referral Fee Received from Another Firm
Receiving a referral fee from a law firm or advisor for directing a client to them.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash / Bank | Asset (+) | 2,500.00 | - |
| Referral Fee Income (Other Income) | Revenue (+) | - | 2,500.00 |
💡 Accountant's Note
Referral income is Other Income — it is recognized when the referral qualifies per the agreement (e.g., client signs a contract with the referred firm). Regulatory restrictions on fee-sharing between professionals must be observed.
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