Question

Explain the major class of transactions in the Revenue process ?

Answer 1

The major class of transactions in Revenue process are:

1. Order received from the Customer : First we receive the order as per the requirement of customer needs.

2. Processing the order: After the order is received, we process the order which means we work upon the order to get it ready on time.

3. Billing and Invoice Preparation: As soon as the order is ready after processing, Invoice and Billing is done to keep the documentation of the sales and it also helps in tracking the date goods was sold and the amount to be received.

4. Delivery of goods and services: Now the goods or services is delivered to the customer along with the Invoice or Bill.

5. Recording transaction: After the delivery the transaction is recorded to keep the record of sales.

6. Payment received: At last the payment is received from the customer.