Revenues/Deferred Revenue

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Originally Posted: December 1, 2009

Author:

Patricia A. O'Malley, CPA

Sole Proprietor

Size of Organization:

Medium

Establish policies for revenue recognition. Certain types of revenue (including: dues; subscriptions; and meeting registration fees) may be received in advance of the product or service being delivered.
Review documents relating to grants or donations received. The terms and conditions stated by the grantors and donors determine how revenue is recognized.
If there are revenue systems (meeting registration, dues billing, publications management, etc.) that are not integrated with the general ledger reconcile the cumulative system balances with the general ledger at least quarterly.