Hello, We are a subscription e-commerce company and have heavy daily credit card volume. Our internal database & analytics tools are reported in UTC time and our merchant bank processes the transactions & transfers funds to us in local time. From a cutoff/reporting standpoint, will all of these need to be reported in local time?
Accounting for UTC Time?
Answers
Interesting issues. My WAG is you'll have to book an auto reversing A/R figure for those CC trx's that occur after the cut-off local time and midnight UT.
My reasoning/assumption is that as soon as the CC is accepted by the bank, their subscription starts, so you don't want (especially at month-end) to understate revenue.
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Accounting