I'll go through an example of how to record a forward contract on a balance sheet from both the sellers perspective in the buyers perspective. A forward contract is a customized contract between two parties to buy or sell an asset at a specified price on a future date.Supplier income receivable is netted off against trade payables when there is a legally binding arrangement in place and it is management's. Recognize the final gain or loss on the forward contract. Amounts due the company on account from customers who have bought merchandise or received services. Accounts receivable is a current asset in the balance sheet.