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Creating a bill layout for accounting

In today's fast-paced business environment, having an efficient bill layout for accounting is crucial. airSlate SignNow offers a powerful platform to streamline the document signing process, ensuring that your invoices and transaction records are handled swiftly and securely. This guide will walk you through the steps to leverage airSlate SignNow effectively.

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Bill layout for Accounting

hello and welcome to the session in which we will discuss bill and hold arrangement as part of the revenue recognition so what is bill and hold basically we have to understand that you have to meet certain criteria for revenue to be recognized so bill and holt is part of this umbrella of revenue recognition rules so what is a bill and hold arrangement it's when the buyer signs a contract to make a purchase but asks the seller to keep the inventory so the buyer is not ready to take physical delivery of the product but takes title of an accept billing they'll say okay bill me but please i cannot take the delivery now i may pick the product up in two three weeks a month whatever the reason is so the customer asks the seller to hold the product and their warehouses to be delivered in the future now why is this important why do we have to learn about this because think about it what could happen is this we have company a and company b and when company a is short on sales they would ask company b because they're short on sales because they want to meet the revenue that they promised the investors wall street so what they will do they would ask company b why don't you buy from us you know a million worth of product and we'll have an arrangement called bill and hold it we'll we'll call it then bill and hold arrangement you don't have to take delivery just sign so we can book the revenue so this quarter we do it the next quarter maybe we'll do the same thing for you so this is why it's important so what you're doing you are reporting fictitious revenue okay because one indication one strong indication of a sale took place is physical delivery physical control and hopefully this makes sense once a buyer has control of the product this is usually an overshadowing indication that a sale took place so in a bill and hold well we make a sale but the buyer did not take delivery of the product is this really a sale because one of the important indication of a sale is transfer of control the buyer took the product now it's under warehouse it's under door control a case in point is a company called nortel networks it's a canadian company obviously now it's gone so let me show you what nortel networks did during the internet.com era or the internet boom of the 2000 2001 and 2002. so you have to understand what nortel networks do they do sell telecommunication equipment that support the internet so when the internet was growing in 97 98 99 2000 their sales went throughout the roof because everybody wanted to have the internet so let's see what nortel networks did so nortel network which old nortel engaged in two fraudulent accounting scheme one involving revenue fraud and the other involving earning management threat which is basically the same it's it's a revenue fraud basically the first scheme accelerated material amount of revenue into year 2000 and created false appearance that nortel was withering an economic downturn better than its competitor so in 2000 all those internet companies anything that's internet starting early 2000 the business started to slow down because any everyone practically everyone in the us and canada that wanted to have internet infrastructure they already purchased it so if everybody has it the business will start to slow down but nortel networks find a way to kind of have a false appearance that they are doing better so the fraud took two forms in november 2 of 2000 nortel altered its revenue recognition policies to accelerate into 2000 revenue particularly revenue of its optical internet businesses the major business as needed to meet its quarterly and annual revenue guidance and to hide at the same time worsening condition of its business and if you are in telecommunication industry and you misled and you reported numbers even even though your numbers only has to do with your company but when you report false numbers about the internet industry back then well you are misleading everyone in the in on wall street so here's what they did build and hold transaction were the center of the scheme so u.s gaap permits a company to recognize revenue prior to the delivery of a product if the transaction meets specific criteria which we look at these specific criteria on the next slide but the point i'm trying to make is this just just to show you how how things uh how things happened in the second quarter of 2000 so in the second quarter they banned the use of bill and hold transaction company wide so they told older divisions we don't book revenue in under a bill and hold transaction but notice here after its revenue fell significantly short of expectation in the third quarter so a quarter later they reintroduced bill and whole transaction to do what to increase sales okay so the change principally affected the reporting of revenues specifically that division the optical business division which was a metric closely watched by wall street so wall street wanted to know how is that optical business growing in the whole economy because nortel network was a major supplier and nortel was trying to fudge the numbers to show that the economy is still hot everybody's still buying they don't they did not want to show that the economy is slowing down the transaction did not satisfy u.s gaap requirement but nortel nevertheless recognized revenue as if they did so in all nortel accelerated more than one billion in revenue through unproper bill and hold transactions so as a result of this bill and hold they were able to show that they had an additional one billion dollar in revenue that's not a small number it's not only the number itself it's the indication of the number telling wall street telling all other companies telling investors telling financial analysts that we are still doing good well in reality you are not you you are misleading everyone and if you know anything about the dot-com error a lot of companies went bust early late 2000 early 2001 and by 2000 by late 2001 we had 911 and more companies went out of business and we had few fraud accounting fraud cases but the point is once you mislead the investors you're misleading everyone now what we're going to do we want to take a look at those criteria so what is what are gap criteria so you are allowed to build to be able to recognize revenue under a bill and hold transaction but but there are certain conditions you have to meet before you can do it before we look at those conditions i would like to remind you whether you are a student or a cpa candidate to take a look at my website farhat lectures.com i don't replace your cpa review course i don't replace your accounting course my motto is helping saving cpa candidate and accounting student one at a time how by providing new resources such as lectures multiple choice true false that's going to help you reinforce the concept so after you watch the lectures well practice multiple choice go to my website if you're a cpa candidate my material is aligned with your wrecker roger wiley gleam miles i provide you 1500 previously released aicpa questions with detailed solution if you have not connected with me on linkedin please do so take a look at my linkedin recommendation like this recording share it with other it helped me tremendously connect with me on instagram facebook twitter and reddit so let's see when to recognize revenue for a bill and whole transaction so let's look at some of the conditions and most of them i believe should make sense but let's take a look at them to make sure if you have a bill and hold you can recognize the revenue one the agreement must make business sense so if you have an agreement with another company the agreement must make business sense you have to explain why you are holding the inventory there should be a good reason a good reason will be for example i don't have place in my warehouse but i need to make the purchase because maybe i am i don't have enough employee in my warehouse i don't have enough space i'm having some supply chain issues so please i need i need to buy this inventory but hold it for me this is good reason or something that make business sense so you you have to have a reason and the reason cannot be well i will do it for you this summer this quarter so you can improve your revenue next quarter we'll do bill and hold and i will you know i will i will assume i am the buyer you can do that okay two the seller must segregate the product from other inventory belonging to the seller so if you sold something and it's a bill and hold transaction put that inventory away someplace in your warehouse where it's clearly marked that's it you cannot touch it it's separate than your inventory it must be segregated but that's not a problem that's not a problem because as long as you keep it separately it's fine also the segregated product must be ready for physical transfer or delivery here i put at a moment notice it means if the buyer wants to pick it up tomorrow they're ready to pick it up because they accepted billing they accepted the agreement you're supposed to have that inventory ready if you want to recognize it as revenue three the seller cannot afford actually the seller cannot use the product in any way shape or form simply put you cannot sell that that product to another customer you cannot use it use it as a lien for a loan you cannot do anything with it it's not really yours it's sitting on your warehouse someplace as long as you meet those conditions and specifically the most important one is the first one is the agreement being made to book fictitious revenue or is it being made for a good business sense now if you want to learn more about nortel networks you can do your own search and see who the day business with and how how they did it but that's beyond the scope of this course but the point is it has to make a business sense let's take a look at an example just to illustrate this concept adam sporting money sporting goods manufacture and supply gym equipment for retailers equipments for retailers ryan sporting goods a major retailer is planning to expand the north in the northeast by opening 10 retail stores simultaneously so large expansion in the northeast ryan ordered ordered and signed an agreement buying six million worth of gym equipment but asks adam sporting good to hold the equipment in adam's warehouses till the opening week as ryan has no room in its warehouses so okay we bought we we sign a contract to buy six million worth of equipment gym equipment we're opening 10 different gyms we're expanding in the northeast well the only problem is right now we're still building those gyms we don't have room in our warehouses our warehouses maybe are in california and and and adam's in pennsylvania and you know we we we can't manufacture them in pennsylvania ship them to california then ship them back to the northeast so we told we asked adam could you please keep those in your warehouse until our gyms open then we can we will take delivery do you think that we have a do we have a a sale here it's a bill and hold but do we have a sale i would say we met the first condition it make business sense that's why they want they want you to hold to hold on the inventory because they don't have a room for it but they are you can tell they are investing in um investing in land they are building the property for the gym therefore there's a good business sense there's a commercial substance we have a sale well make adams will make sure to segregate the product so therefore just physically segregate the product ready for shipment whenever the whenever ryan wants stump and adam cannot use the product for any in any way sell it to another customer put it up as a lien so on and so forth if atoms can meet those conditions then adam can book account receivable six six million sales six million we have a sale if not then we also have to do cost of goods sold in credit inventory whatever the amount let's put it two million okay just i just make it made it up okay just to kind of complete the transaction so under those circumstances adam will have a sale although it's a bill and hold transaction but let's assume change the scenario a little bit and assume that ryan wants to meet um let's assume adams wants to report an additional six million of earnings contacted ryan said look why don't we have a bill and hold arrangement where i'm let's just sign the contract you don't have to take delivery then maybe two months later we'll cancel the contract and nothing will be done basically then under those circumstances adam is trying to increase the revenue by six million that's what they're trying to do they're not really making an actual sale therefore they should not be able to book the sale and this is what nortel networks did try to make book recognize revenues under bill and bill and hold arrangement when that bill bill enhold arrangement wasn't really a true sale what should you do now go to forhat lectures lectures.com work mcqs look at other resources to reinforce the concept of revenue recognition revenue recognition is an important whether you are an intermediate accounting student or a cpa candidate invest in your accounting education invest in your certification the cpa is worth it good luck study hard and of course stay safe

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