How can I recognize revenue after the month that I want the sales to be recorded in? Please help!
Summary
I have to recognize revenue of a PPM contract-line project after the final day of the month but it has to be recorded as the sales of the previous month.Content
For instance, the situation is like this:
- A sales event dated 31th July, 2020 and this has to be recorded as sales in July.
- The revenue recording procedure must be taken in the first week of August. This is the fastest timing that I can get to operate.
- So, I thought about leaving the accounting period of July open. But the vendor said this keep opening accounting period won't allow me to record sales of July with the August operating.
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