When are Revenue and Costs Recognized in cieTrade?

This question often comes up from Waste Broker or Managed Service Brokers, regarding the timing of financial recognition. 

The cost and revenue for Worksheets are recognized in the period which the Worksheet is posted (either placed into an Invoiced or Posted Status).

• Example: If a worksheet is posted in January and the associated payables are not posted to the accounting system until February, the cost and revenue will be recognized in January's financials. 

Reconciliation happens when payment is received/made, but that occurs in the accounting system and after the revenue and costs have been posted to their respective GL Accounts on the General Ledger. This reconciliation is simply moving things between accounts.

As far as financials are concerned, everything is recognized in the period the Billing Sheet/Worksheet is posted and there is no double counting if the payable/receipt are posted in a different period.

If you have additional questions, please contact the Support Team via email to support@cietrade.net.