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03-07-2008, 04:26 PM
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#1 (permalink) |
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Status: Getting feet wet
Join Date: Mar 2008
Posts: 32
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Past year deffered revenue
One of my friend who is a bookkeeper is having hard time solving a deffered revenue problem.
He is started a new fiscal year for this non-profit company. He is wondering if he should transfer the deferred revenue back in their appropriate accounts to start off the new fiscal year. I am kinda cofuse, anyone here better than me? |
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03-07-2008, 04:34 PM
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#2 (permalink) |
Status: Owner/Administrator
Join Date: Mar 2008
Location: Bay Area, CA
Posts: 158
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Deffered revenue is assumed to be unearned revenue like getting an advanced payment for 6 months rent and then making adujsting entry every month.
As this is a liability, it should just be transfered to the new year and you should continue making adjusting entries. Hope this helped 
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Zahid H. Lilani |
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