Revenue Cut-Off Testing
Make sure sales are in the right month.
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Test revenue cut-off at month end. Month and sales records (invoice dates, delivery or service dates): [SALES_RECORDS]. Revenue recognition approach I was told to follow: [RECOGNITION_APPROACH]. Check transactions near month end: for each invoice dated in the last five days of the month and the first five days of next month, compare the invoice date with the delivery or service date and the contract terms. Identify items recorded too early, too late, or in the correct period. Show the arithmetic for the amount affected and the effect on profit. Return a table: Invoice | Invoice date | Delivery date | Correct month | Recorded month | Difference | Action. List questions for the accountant regarding recognition rules for services over time and prepayments, since treatment differs by standards and place [VERIFY in [JURISDICTION]]. Add a month-end checklist to prevent errors. Do not invent transactions. Provide a worked example for two invoices near month end, showing which month each belongs in under the stated approach and the effect on revenue, and the questions I should put to my accountant about the treatment.
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