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Accounting for UTC Time?

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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?

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Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
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(President & CFO, SBAConsulting.com) |

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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