Deferred revenue (also called future year revenue) is advance payment for goods and/or services not yet delivered.
Deferred revenue accounting is only for revenue received from external parties, not between UW-Madison Divisions or other Universities of Wisconsin campuses. Only use Deferred Revenue between February 1st through July 2nd each year.
Examples of deferred revenue include: revenue received on or before June 30 for fall conferences, summer session tuition, tickets sales for a future fiscal year, prepayments for products yet to be delivered as of June 30, prepayment for services to be performed in a future fiscal year, and down payments to be returned in a future fiscal year.
How to record deferred revenue
Find detailed instructions in the Universities of Wisconsin Submit Customer Invoice Inbound EIB Template job aid and Submit Customer Invoice Adjustment Inbound EIB Template (FIN) job aid.
