When companies and accountants are tasked to compile their financial statements, they need to follow the generally accepted accounting principles (GAAP). It is a set of policies, standards, or procedures generally accepted and strictly followed. And one of the principles recognized by the system is revenue recognition. It is a principle often used to verify the revenue and identify the ways to account for it. Listed below are different types of accounting templates and forms that you can use in your accounting activity. These templates can be useful in recognizing and accounting the company’s revenue. Download and utilize any of them to the advantage of your business.
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10+ Revenue Recognition Templates in Google Docs | Google Sheets | PDF | Numbers | Pages | Word | Excel
1. Accounting Plan Template
Are you looking for an accounting plan template to document the possible financial and accounting strategies? Well, we have made this Accounting Plan Template available for you. In Google Docs, MS Word, and Pages file formats, you can modify and edit the content instantly. Hurry! Download to start editing the template!
2. Accounting Worksheet Template
This Accounting Worksheet Template aids you to manage the records and documents you will need to draft an accurate financial statement. You may want to personalize this template in your most preferred file formats. It is made available in A4 and US print sizes, perfect for commercial as well as personal printing. Need a copy of this one now? Download it now!
3. Accounting Proposal Template
Get to effectively endorse your accounting plans with the help of this ready-made and print-ready Accounting Proposal Template. Edit it with ease using Google Docs, MS Word, and Pages. If you need a template like this one today, then this is the perfect one to download right away. Get your hands on this template now!
5 Steps to Meet the Revenue Recognition
When the work is complete and the accounting period has come, how would you account and recognize the uncollected company’s revenue in a given time? According to the revenue recognition principle of ASC 606, the only way to identify and estimate such income is to match the amount that a company expects to get from the products or services a company provided. To help you understand and do the task more efficiently, consider this step-by-step guide to meet the revenue recognition.
Step 1: Determine the Contract
All business transactions come with a contract. When an individual or a company wants a service or a product from your business firm, you need to prepare an agreement that sets out the terms and conditions. In this sense, you can trace the unaccounted and uncollected payments back to the contract you and your client have agreed with. You can get a copy of our business contract agreement templates to get this job done right. Prepare a document that determines what type of service rendered or how many products ordered from your business.
Step 2: Know the Contractual Performance Obligations
Determine what the contractual performance obligations imposed are. You may invoke a claim and put a financial consequence when there’s a breach of contract or when your customer does not meet the standard in the course of completing the task as agreed. Therefore, you need to lay out all the contractual performance obligations specifically to the contract.
Step 3: Identify the Cost
When you have prepared the contract and listed the contractual performance obligation already, the next thing that you need to do is to identify the cost of the said transaction. Calculate the possible value of the operation. Businesses often refer to their income statements to meet and recognize the revenue they can get. With that, you need to prepare an income statement for your business. It would be easy for you to identify your company’s revenue when you have a document that attests and lists all the costs an industry has undergone.
Step 4: Apportion the Budget
There is always a cost attached to every contractual obligation. As such, you have to apportion a budget in order to meet the terms and conditions. If you need a budget plan template or a price sheet to input the right amount effectively, remember that we have them ready for you. Make no doubt in downloading a template if you need one for every work or task.
Step 5: Recognize the Revenue
After performing the first four steps, then there’s no doubt you can now recognize the estimated and expected company’s revenue. All you have to do is to work out on the total cost. In cases where there are financial inconsistencies, you may want to refer to your income statement and follow a standard revenue recognition guideline.
4. Treasurer Financial Report Template
Financial reports are documents that lay out all the financial aspects, transactions, and statements of a company. And as a treasurer, you need to do your job as accurately as possible. You can make use of this Treasurer Financial Report Template to help you draft a financial report efficiently. All you have to do is edit the details using MS Word and Apple Pages file formats. Download now to get started!
5. Daily Cash Sheet Template
Record the revenues and the expenses of the company on a daily basis by utilizing our Daily Cash Sheet Template. Make an accurate record of all the costs today as you download and edit the template in MS Word and Apple Pages. Don’t miss out on this opportunity. Get a copy of this daily cash sheet template today!
6. Balance Sheet Template
Draft a document that summarizes the company’s assets and liabilities with the help of our ready-made Balance Sheet Template. By using Numbers, MS Excel, MS Word, and Pages, you can modify the original content and a layout easily. What are you waiting for? Secure a copy of this balance sheet template now!
7. Free Income Statement Template
Nothing beats a free template that you can use to create a financial statement. This Free Income Statement Template can help you record and monitor the company’s revenues and expenses in a well-detailed manner. Want to try this today? Download and personalize this income statement template in any of the file formats mentioned above.
8. Free Accounting Department Organizational Chart Template
If your accounting department needs an organizational chart to edit and customize, you can get your hands on this Free Accounting Department Organizational Chart Template. It is easily editable and printable in A4 and US print sizes. Make haste! Download a copy of this template now!
9. Free Basic Accounting Flowchart Template
Get to plan and to schedule your accounting activity in a step-by-step way through this Free Basic Accounting Flowchart Template. Create a document that records business transactions and helps you prepare financial statements. You can download and edit this basic accounting flowchart template in MS Word file format for free.
10. Sample Forms for Trust Account Record Keeping
Make use of this Sample Forms for Trust Account Record Keeping to help you with your accounting activity. A set of sample forms for trust account record keeping is listed in this file. Learn how an accountant layout and format this type of document by reviewing all the sample forms in a Portable Document Format (PDF). Download it now!
11. Sample Income Statement Template
Use this Sample Income Statement Template to guide you in laying out your financial statement accurately. The template has its original content already that you can follow if you have a doubt drafting a personalize income statement. You may download this file in a Portable Document Format (PDF) anytime you need it.