The following is a step-by-step guide to the most effective AR process, including credit management, invoicing, and documentation. The point at which a contract asset becomes an account receivable may be earlier than the point at which an invoice is issued.Get paid faster with these 11 effective email templates for collecting your accounts receivable. Streamline your collections process today! When should contract AR be entered into the Contract AR system? Contract AR should be entered when the revenue has been earned but not collected. Read this detailed accounts receivable (AR) guide to understand the key AR concepts, how to run an efficient AR function and how it impacts the bottom line. Contract assets arise from revenue earned for goods or services provided that is not yet billable to a customer. Accounts Receivable contract clause examples. Earned revenue accounts for goods or services that have been provided or performed, respectively.