Overview

In the simplest transaction scenario, the product or service is immediately delivered upon purchase. For example, customer buying groceries from a store or purchasing a game online.

Accounting principles allows revenue to be booked immediately after the transaction happens.

Immediate recognition rule is available on Leapfin Platform to book transaction amounts immediately.

Configuration

Required parameters

Fields	Description
`date`	calendar date of when the product or service is purchased
`amount`	full amount of the product or service

Required accounts

Account	Description
`cash_account`	e.g. "Cash" (or "Account Receivable" if the product or service is delivered before the payment)
`revenue_account`	e.g. "Revenue"

Walkthrough

Customer John purchased a newly release game on Steam for $59.99 on Jan 1st.

Event #1: item is purchased

When the game is purchased, the following journal entry is created.

Date	Account	Debit Amount	Credit Amount
01/01/2022	Cash	59.99
	Revenue		59.99