Contract Review Workpaper Template
Document the contract review process for significant customer contracts to ensure all terms are identified and recorded.
How to use this template
Extract contract terms
Pull all significant terms from the contract including goods/services, pricing, payment terms, and warranties.
Identify revenue impacts
Document how the contract affects revenue recognition timing, amount, and performance obligations.
Document contingencies
Note any contingent payment terms, performance bonuses, or termination clauses affecting revenue.
Obtain sign-off
Have revenue and legal functions review and sign-off on the revenue accounting treatment.
Why use this template
- Ensures contracts are properly reviewed before revenue is recognized
- Identifies contract terms that affect revenue timing or amount
- Provides documentation of revenue recognition judgments
- Reduces audit procedures and findings on contracts
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