Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 606 FASB ASC 606 states that an entity shall recognize revenue when (or as) the entity satisfies a performance obligation by transferring a promised good or service (i.e., an asset) to a customer. If you are required to recognize revenue based on this standard, you can do…
Category: Financial Reporting
Eliminate the need for month end reallocations for dimensions?
Allocation Accounts might be the answer when expenses posted throughout the month need to be allocated across multiple dimension values. The first use that comes to my mind is for distributing overhead expenses to multiple dimensions from the purchase line, for example, insurance, utilities, rent, office supplies, etc. Even if you are using recurring purchase…
Oh No! Income Statement December Column includes January Entries
My Business Central 12 Month Income Statement worked so well for of all of last year, that is until this week! When I run it now December of last year is overstated, why? December is overstated When you run a 12 Month Income Statement with columns for January through December, everything looks great until you…
