How to Record Freight Revenue Earned
Recognition of revenue earned for transporting cargo upon completion of the voyage or discharge of goods.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Accounts Receivable | Debit | 85,000.00 | - |
| Freight Revenue | Credit | - | 85,000.00 |
💡 Accountant's Note
Under IFRS 15, revenue is recognized over time or at a point in time (discharge) depending on the contract terms.
Practitioner & Systems Framework
💻 ERP Architecture
Order-to-Cash module linked to the Voyage Management System.
⚠️ Audit Flags
Unbilled revenue at year-end or revenue recognized before the Bill of Lading date.
📄 Required Documentation
Signed Bill of Lading, freight invoice, and arrival notice.
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Expert Analysis by Qusai Ahmad
General Accountant Supervisor & IFRS Specialist
Specialized in SAP GUI automation and Middle Eastern tax compliance. Building digital tools for the next generation of finance leaders.
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