USA Difference between Accrued Revenue and Un-billed Completed Work

[Lisa Goodie]

I just started at a new job. In a totally different industry than what I am use to. So I am learning all new terms. I am new to a Service industry company and I am trying to figure it out and I need some help. On the Profit and Loss statement there is an account 4999-Accrued Revenue and on the Balance sheet there is an account 1240-Un-billed Completed Work. I was asked to help someone understand why the totals in these two accounts are not the same. Since I am new I have no clue how to address this persons question. Can someone give a little insight in to this?

4999-$143,669.49 (which this amount is reversed in March)
1240-$218,607.98 (which this amount is reversed in March)

The memo for both accounts reads the same: for accrued revenue for completed jobs not yet bill.

I know what accrued Revenue is and the how it is done. Same thing goes for the un-billed completed work. What I dont understand is why two different accounts on different statements and different amounts?
So how would I explain this?

Please advise....

Thank you so much.

 

[Ashley K. Knowlton MBA]

I'm thinking that unbilled completed might be gross and revenue might be net of expenses?

 

[Lisa Goodie]

I'm thinking that unbilled completed might be gross and revenue might be net of expenses?

Ashley,
Thanks for your reply. I will look into it and see if that is what it is. Have a great day.
Lisa

 

[Michele Harvey]

So here is something

Accrued revenue is income that has been incurred but not received, such as monthly rent that is due in arrears, or following the monthly rental period. The income has been earned (since an individual or firm rented the item) but the revenue has not been received (as per the rental agreement to pay in arrears). So may think of this like retainer clients

UNBILLED REVENUE is revenue which had been recognized but which had not been billed to the purchaser(s). Think of this like a fixed price project and you have taken revenue but your milestone billing is 50% upon excution of the contract and the remaining 50% due upon completion. So if you recognize revenue based upon the work that is being completed you will get to a point where you have taken more revenue then you have billed.