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Deferrals - Deferred Income

Used when income is received this fiscal year for services or goods to be provided next fiscal year. This is required for items of $10,000 or more, optional for items $1,000 or more, and should not be done for items under $1,000.

Examples:

• Tuition received in June for the upcoming fall quarter.
• Registration fees received in June for a conference held the following month.

To record deferred income using the AV or YEAV:

1. DEBIT the same Full Accounting Unit (FAU) used when the income was received and posted to the ledger.
2. Offset (CREDIT):

   Account	Account Description	Object	Object Code Description	DR/CR
   1180300	Deferred Income Various	0800	Deferred Income	Credit

Remember:

• Income received (SCC or SCCZ document entered) this fiscal year.
• Enter a reversal date in the YEAV document (greater or equal to 7/20/200X).
• Must include the date the income was received, and date(s) of the event in the explanation.
• You do not need more than one line for the Deferral account.
• The reversal of the YEAV during next fiscal year will result in a credit to income, appropriately moving recognition of the income to next fiscal year.

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