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Revenue recognition

ASC 606 compliant, audit‑ready every month

AI agents turn every contract into revenue schedules, track deferred revenue automatically as per ASC 606, and keep your books ready for auditors.

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Agent at work

The Revenue agent keeps the books ready

It builds the ASC 606 schedule and its journal entries, so revenue recognition is ready on day one.

  • Revenue agent

    309 journal entries posted

  • June

    309 journal entries posted

  • Deferred revenue

    Tied at $4,422,000

  • Revenue recognition

    Ready on day one

How each ASC 606 schedule gets built

Verlix recognises each performance obligation on its own schedule, from the contract's terms.

Performance obligations, identified straight from your contracts

AI agents read every contract and separate its distinct deliverables for your review.

$480,000

across four performance obligations

Deferred revenue updated each month

Each schedule carries its balance into the next month, and the roll-forward ties to the ledger.

$4,422,000

closing deferred revenue at the end of June

Each entry traces back to its contract line

Each debit and credit carries its contract line, its obligation and its source invoice.

309

In detail

What your auditor asks for, already linked

Three recognition methods on one schedule

Ratable, point-in-time and as-delivered obligations, each on its own row of the contract's schedule, month by month.

  • Partial periods prorated to the day the obligation starts
  • Each closing balance becomes the next period's opening

Where one contract sits at the end of June:

Contract
CTR-2214
Customer
Clevis Comfrey Inc
Transaction price
$480,000.00
Obligations
4 · each on its own schedule
Recognised to date
$155,200.00
Deferred remaining
$324,800.00

Questions finance asks first

The Revenue agent reads each contract and proposes the performance obligations. Once your controller approves, it builds every schedule and drafts the journal entries, each linked to the contract line behind it.

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