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What are accrued revenues and when are they recorded?

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Question added by Yazan Ahmad , programmer , wysada
Date Posted: 2017/01/04

Accrued revenues are receivables.it is recorded at the time of point of sale of goods/ rendering of services. Yet, the payment is not received so called accrued revenue.

James Mwangi
by James Mwangi , junior accountant , HENRY SMITH &WILSON AUDIT FIRM

These are sales that were made and recognized by the entity but actual receipts have not yet been received.

Eleni Tamrat
by Eleni Tamrat , Senior Accountant , Green horizon Flowers plc

Accrued revenues are fees and interest that have been earned and sales that occurred, but they have not yet been recorded through the normal invoicing paperwork.

Raheel Shafi
by Raheel Shafi , Accounts Officer , LS Industrial System (Electromec Engineering)

Accrued revenues are the revenues like interest, fee, rent, contract income which are not entered in general ledgers but entered in financial statement through adjusting entries

Mahmoud Mustafa  Salama
by Mahmoud Mustafa Salama , General Ledger Accountant , Steps Co. Ltd

Accrued revenue is an asset class for goods or services that have been sold or completed but  revenue that has not yet been billed to the customer.

mohamed Hakim CMA CPA Candidate
by mohamed Hakim CMA CPA Candidate , Accounting Manager , Andersen saudi arabia

Accrued Revenues :  

 

are Revenues Belongs to Period of Recording

 so you cannot record it next month 

 

 

like Accounts Receivables when Sales Occur  

Debit / AR 

Credit / Sales   <<<< its called Accrued Revenue cos sales occur in this day or this period 

 

 

or Interest Revenue  

when you make loan like banks and Receive Interest every month 

 

or Rent Revenue

when you Rent Property for 2 year or many months

First Entry

Debit / Bank

Credit / Deferred Revenue

 

then every month

Debit / Deferred Revenue

Credit Rent Revenue  <<<<<<<<this called Accrued Revenue like Above  

 

MURTAZA ALI
by MURTAZA ALI , Asset Integrity Engineer , SGS Inspection & Testing Services Oman

Accruals normally prepared at the end of financial year.