Professional Services
WIP Accrual — Month-End Timesheet Hours Not Yet Billed
Accruing month-end work in progress for hours worked by fee earners but not yet invoiced to the client.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Unbilled Receivables / Contract Asset (WIP) | Asset (+) | 8,500.00 | - |
| Professional Fee Revenue | Revenue (+) | - | 8,500.00 |
💡 Accountant's Note
Accrual-basis firms must recognize revenue as work is performed, not when billed. WIP represents hours approved on timesheets at the month-end but for which no invoice has yet been raised. It is reclassified to Accounts Receivable when the invoice is issued.
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