Gross receipts code#

The gross receivable figure is usually classified as a current asset on the balance sheet. Presentation of Gross Accounts Receivable Under the alternative cash basis of accounting, receivables are not recorded. The gross accounts receivable concept only arises under the accrual basis of accounting. If so, a reasonable question is whether the business is granting credit to its customers without a sufficiently rigorous review process. When there is a large difference between the gross and net receivable balances, this indicates that a business expects to suffer significant bad debt losses. When the gross receivables figure is combined with this allowance account, the combined total is called net accounts receivable, which appears in the balance sheet.

This allowance contains management's best estimate of the total amount of receivables that will not be paid. There is usually a contra account, called the allowance for doubtful accounts, that offsets the balance in the gross accounts receivable line item.

The figure normally includes just trade receivables non-trade receivables are categorized separately. The gross receivable figure is useful for estimating the amount of cash that a business is likely to generate in the near term to pay its obligations, and so is considered a prime determinant of liquidity.

Transportation Network Companies (TNCs) pursuant to Section 58‑4‑60(B)(1) and Section 58‑23‑1690.Gross accounts receivable is the amount of sales that a business has made on credit, and for which no payment has yet been received.

Transportation Network Company Gross Receipt Form (PDF).

It is impractical to forecast gross receipts for future periods since: (1. Historical gross receipts are not an indicator of future gross receipts. This includes all moves which both originate and terminate within South Carolina excepting those moves which originate and terminate within the same municipality. Individual total gross receipts will be represented on your K-1 statement in whole dollar amounts (versus on a per unit basis) and may vary from those described below based on your date of purchase.

Gross receipts code#

Carrier must include all revenues collected for moving property which meets the definition of “Household Goods” under 10 SC Code of Regulations 103-210(1). Hazardous Waste Carriers (HAZ) and Household Good Carriers (HHG) pursuant to Section 58‑4‑60(B)(1).For capital asset transactions, gross receipts include proceeds less the adjusted basis in the property. Transportation Gross Receipts Form (PDF) In addition, gross receipts include interest, original issue discount, tax-exempt interest, dividends, rents, royalties, and annuities, regardless of whether those amounts are derived in the ordinary course of business.Municipal water treatment facilities are exempt. General Gross Receipts Form (PDF) - The following types of utilities should use this form to report pursuant to Section 58‑4‑60(B)(2):.

The reports are due by August 31 of each year. The forms are as follows: Reported Gross Receipts revenue is used to allocate the PSC Utility Assessment. All public utilities subject to the jurisdiction of the PSC - except Class C transportation companies, municipal electric, and municipal water and wastewater utilities - are required to report annually. Please use the appropriate form for reporting Gross Receipts revenue.

South Carolina Equipment Distribution Program (SCEDP).

Regulated Motor Carriers in South Carolina.