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Deferred revenue is a liability of the business and is sometimes referred to as unearned revenue.
Revenue deferral journal entry. Journal entry of deferred revenue. Deferred revenue journal entry overview. Deferred revenue is the payment the company received for the goods or services that it has yet to deliver or perform. For example suppose a business provides web design services and invoices for annual maintenance of 12 000 in advance.
In simple terms deferred revenue means the revenue that has not yet been earned by the products services are delivered to the customer and is receivable from the same. A deferred revenue journal entry is needed when a business supplies its services to a customer and the services are invoiced in advance. The adjusting journal entry will be between a revenue and an asset account. Defer if the cash has been received but the revenue has not yet been earned unearned.
It is the revenue that the company has not earned yet.
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