Consulting Revenue Journal Entry

Consulting Fees Revenue Journal Entry / Consulting Fees Earned Journal Entry

When a consulting company e.g., Accounting Firms, Law Firms, etc provide services to a client (e.g., a company), then such services of giving useful information (an advice, suggestion, procedures Plans, etc.,) about various projects is called consulting service or consulting fees revenue which is a Revenue for the consulting company and an Expense for the company which hires consultants or consulting company.

When the payment is received from client for the consulting services rendered to him for the period, then following entry is recorded as shown below:

Consulting Revenue For Cash Journal Entry

                                            Cash a/c / Bank a/c  XXX

                                                                           Consulting Revenue a/c  XXX

                                                (Consulting Fees Received From Client)

Consulting fees revenue or consulting fees earned is recorded in the Income Statement for the accounting period.