US ASC 606 Revenue Recognition
ASC 606 five-step revenue recognition: SSP allocation, performance obligations, schedules & journals (US GAAP)
ASC 606 five-step revenue recognition: SSP allocation, performance obligations, schedules & journals (US GAAP)
Key Features
Revenue contracts with multiple performance obligations
Revenue contracts with multiple performance obligations.
Relative-SSP allocation engine (exact-sum, last line absorbs
Relative-SSP allocation engine (exact-sum, last line absorbs the remainder).
Per-POB revenue schedules
over-time (straight-line, day-accurate partial- period proration of the first and last month) or point-in-time.
Monthly recognition runs that turn due schedule lines
Monthly recognition runs that turn due schedule lines into balanced journal entry proposals (debit deferred revenue / contract liability, credit income).
Cumulative catch-up on contract modification
change an allocation and the next open period absorbs the catch-up so cumulative revenue stays correct.
Deferred-revenue (contract-liability) rollforward
opening + additions - recognised = closing, per contract and in total, for any period.
Scheduled monthly cron that posts due recognition; failures
Scheduled monthly cron that posts due recognition; failures are recorded and notified per contract, never aborting the whole run.
Screenshots
Revenue Contracts
Performance Obligations
Recognition Runs
Revenue Schedule
Why Choose This Module
The ASC 606 five steps 1. Identify the contract with the customer (a revenue contract record). 2. Identify the performance obligations (POBs) - the distinct goods or services promised, each with its own standalone selling price (SSP). 3. Determine the transaction price for the whole contract. 4. Allocate the transaction price to each POB using the relative-SSP method, with cumulative-target rounding so the allocated amounts sum exactly to the transaction price (no rounding leakage). 5. Recognise revenue as (or when) each POB is satisfied: ratably / straight-line over a service period, or at a point in time.
Specifications
- Compatible: Odoo 18.0 / 19.0
- License: OPL-1
- Languages: English
- Author: Pokutsoft
- Dependencies: account
- Support: support@pokutsoft.com
Update date: 2026-07-02