We are a private non profit high school.
I make a journal entry at the beginning of the school year debiting A/R and crediting Deferred Tuition then I allocate 1/12 monthly to Tuition revenue. How do I make entry for discounts, financial ai
Answers
If you are trying to match the discounts etc the same way as tuition income, then it's simply a mirror image JE:
Debit Deferred Expense/Credit AR
and release monthly to Expense (really an offset to gross Tuition revenue)
1
Thank you..would my deferred expense be set up as an asset account?
Filed Under:
Accounting