PCTL> Doesn't look like you factored in the $1,450,000 cash paid in advance by a client that is listed in Current Liabilities. Your math is incorrect BS!!
PCTL put an Advance Payment for $1.45 Million on the Books in Q3. That should make us all go Hmmmm?? O&G money???
CURRENT LIABILITIES Advances payable 1,450,000 pg 4
Definition of Revenue Received in Advance Under the accrual basis of accounting, revenues received in advance of being earned are reported as a liability. If they will be earned within one year, they should be listed as a current liability.
Advance payment is a type of payment made ahead of its normal schedule such as paying for a good or service before you actually receive it. Advance payments are sometimes required by sellers as protection against nonpayment, or to cover the seller's out-of-pocket costs for supplying the service or product. As soon as the service or product are delivered it becomes Revenue!!
KEY TAKEAWAYS Advance payments are made before receiving a good or service. In many cases, advance payments protect the seller against nonpayment in case the buyer doesn't come and pay at the time of delivery.
Advance payments are generally made in two situations. They can be applied to a sum of money provided before a contractually agreed-upon due date, or they may be required before the receipt of the requested goods or services.
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