Revenue Recognition Workpaper Template
Document revenue recognition policy and support for significant revenue transactions. Ensure compliance with ASC 606.
How to use this template
Document revenue policy
Write clear policy for how revenue is recognized: at shipment, at delivery, upon payment, upon performance obligation satisfaction, etc.
Identify performance obligations
For contracts, identify what customer receives (product, service, right to use asset) and when performance obligation is satisfied.
Document transaction price
Show calculation of revenue recognized: list price, less discounts/allowances, plus shipping if required. Document timing of recognition.
Support significant transactions
For large or unusual revenue items, attach customer contracts, delivery documentation, or other support for recognition.
Reconcile to GL
Verify revenue recorded matches sales GL accounts. Reconcile to accounts receivable and customer payment history.
Why use this template
- Demonstrates compliance with ASC 606 revenue recognition standard
- Provides clear support for revenue recorded in financial statements
- Reduces risk of revenue accounting errors or misstatements
- Simplifies audit review of revenue transactions
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