Unearned/Undistributed Revenue

Unearned/Undistributed Revenue

Unearned/Undistributed Revenue

Unearned Revenue According to GAAP, accrual accounting requires revenue be recognized in the fiscal year and period in which the goods or the service are provided. Unearned revenue is recorded for payments received for goods or services which have not yet been provided. A journal voucher needs to be processed in the future period or year that the goods or services are to be provided.

To deposit revenue through TWADEPO when it is received:

Debit (CASH, CHEK, CARD, or BANK depending how revenue was received)
Credit (MISC) Department Index Unearned Revenue Account Code

To record the reversal in a future period or fiscal year:

Debit Department Index Unearned Revenue Account Code
Credit Department Index Revenue Account Code

Undistributed Revenue - Revenue earned for goods or services that is accumulated in the liability account code B5801 until distributed as revenue.

Common unearned/undistributed revenue account codes:

Account Code

Title

Unearned Revenue

 

B5120

Prepaid Tuition & Fees

B5802

Unearned Revenue

B5817

Unredeemed Gift Cards/Certificates

Undistributed Revenue

 

B5801

Undistributed Revenue

If you have any questions please contact Financial Services at 6-1256.