Billed vs recognised
TL;DRBilled is what you invoiced in a period; recognised is what you earned in it. They are rarely the same number.
Advance billing puts billed ahead of recognised and the gap sits in deferred revenue. Arrears billing puts recognised ahead and the gap is unbilled revenue. Both are normal; confusing them is how a quarter gets misstated.
The journal shows both legs for the same document on their own dates, and merges them only when they genuinely fall on the same calendar day.
Where it happens in Sonic
Next
See it on your contracts
A walkthrough on the agreements and files you actually bill from — not a slide deck.