Billing and Receivables
RL billed its clients monthly for the services of its associates at an hourly rate based on the assignment. Clients were billed for services one month in arrears. For example, a client was billed on June I for services rendered from May 1 to May 30. Billing and payment were simultaneous transactions ; upon mechanical journal entry of RL’s bill, funds were instantaneously transferred from the client's books to RL's