Deferred Revenue - Future Year Revenue

(Do not use between July 3rd through January 31st)

Form Instructions
(New 04/10/2015)

This form is available between February 1 through June 30. The form is used for recording current year revenue received related to future year activity. This form is used for revenue activity related to external customers.

This form is not used for internal billing between UW-Madison Divisions or activity between University of Wisconsin campuses.  See Inter Departmental Billing Form.

This form documents and performs the following functions:

  • To account for revenue in the new fiscal year for receipts received in the current fiscal year related to activities and services performed or for products to be delivered in the next fiscal year.
  • To correct revenue transfers recorded in the new fiscal year related to current year activities and services rendered or products delivered.

By or before July 2nd, 2016, all deferred revenue forms must report receipts collected in fiscal year 2016 for fiscal year 2017 activity. These forms must be delivered to Cash Management at Suite 5301, 21 N. Park St. on or before July 2nd, 2016 along with review and approval from the Department and Deans Office and supporting documentation. See Deadline dates for FY 2016.

Examples of deferred revenue:

  • Receipts received on or before June 30th for fall conferences.
  • Tickets sales received in current fiscal year for a future fiscal year event.
  • Summer session tuition.
  • Prepayments for products yet to be delivered as of June 30.
  • Prepayment for services and/or activities to be performed in a future fiscal year.
  • Down payments to be returned in a future fiscal year.

Remember:

  • Enter each deferred revenue line based on what county tax code is to be used. Leave the county code field blank if the deferred revenue line is not subject to sales tax.
  • Attach supporting documentation to each form.
  • Department and Deans Office signature.
  • Include on form the following (when applicable):
    • For distributing from a pooled revenue account, the journal ID and bank date related to the original deposit.
    • For a correction, the original journal ID.

Note: After completing each field of information, use the key to move to the next field of information.

Completing theDeferred Revenue - Future Year Revenue Form
Contact Information (person completing form)

Prepared By:

Enter full name of person preparing form.

Department Name:

Enter full name of the Department preparing documentation and approving the form.

Dept ID:

Enter 6-digit Department ID code.

Date Prepared:

Enter date the form is completed (mm/dd/yyyy).

Phone:

Enter the preparer’s telephone number (xxx) xxx-xxxx.

E-mail:

Enter the preparer’s e-mail address.

Fiscal Year:

Enter the new fiscal year.

Reason for the transfer:

Enter reason why the revenue is to be moved to the future fiscal year or why revenue is being moved from future fiscal year back to current fiscal year.

 Transfer From:

Funding, Amount, and Description Fields: Coding

Def. Rev. "D":

(if applicable)

Leave blank or enter “D” only if the revenue is being moved from future fiscal year back to current fiscal year.

Dept. Enter 6-digit Division/Department ID.

Fund:

Enter 3-digit Fund ID.

Prog:

Enter 1-digit Activity Code such as 0,1,2,3,4,6,8,9,F,R.  

Project:

Enter 7-digit Project ID. 

Act ID:

Leave blank

Account:

Enter 4-digit SFS Account Code (numeric numbers starting with 9).  

Tax Code Leave as is; the cell will be automatically filled if county tax code name is selected.

County Tax Code Name:

Select county tax code name from drop down menu only if the revenue is subject to sales tax and it is being moved back from future fiscal year to the current fiscal year. 

Amount:

Enter a positive amount (debit) for each revenue line being moved. 

Description(30):

Enter the description of the original transaction being moved (max 30 alpha numeric characters).   .  

Bank Deposit Date:

mm/dd/yyyy (10)

Enter the bank deposit date from WISDM under Jrnl Line Ref field. This is the date US Bank received the receipts. (max 10 alpha numeric characters).  

Journal ID:

Enter the Journal ID of the original transaction being moved (max 10 alpha numeric characters).  

Reference No.(10):

When applicable, enter internal reference numbers relating to this transaction (max 10 alpha numeric characters).     

Invoice No. (12):

When applicable, enter the invoice number related to this transfer (max 12 alpha numeric characters).     

Total Deposit:

Leave as is; the cell will be automatically filled based on amounts entered above.

 Transfer To:

Funding, Amount, and Description Fields: Coding

Def. Rev. “D”: Enter “D” if revenue is to be moved to future year.

Dept:

Enter 6-digit Division/Department ID.

Fund:

Enter 3 digit Fund ID.

Prog:

Enter 1-digit Program Code such as 0,1,2,3,4,6,8,9,F,R.    

Project:

Enter 7-digit Project code. 

Act ID:

Leave blank

Account:

Enter 4-digit SFS account code (should be numeric numbers), 9XXX.    

Tax Code Leave as is; the cell will be automatically filled if county tax code name is selected

County Tax Code Name:

Leave blank if the deferred revenue is not subject to sales tax. If deferred revenue is subject to sales tax, use drop down menu to select the county’s name where services occur or products were shipped.  

Amount:

Enter a negative amount (credit) for each transaction line being moved. 

Description (30):

Enter the description of the original entry being moved or provide a brief describe which will help you identify this transfer (max 30 alpha numeric characters).  

Bank Deposit Date

mm/dd/yyyy (10):

Enter the bank deposit date from WISDM under Jrnl Line Ref field. This is the date US Bank received the receipts. (max 10 alpha numeric characters).   

Journal ID (10):

Enter the Journal ID of the original transaction being moved (max 10 alpha numeric characters).  

Reference No.(10):

When applicable, enter internal reference numbers relating to this transaction (max 10 alpha numeric characters).  

Invoice No. (12):

When applicable, enter the invoice number related to this transaction (max 12 alpha numeric characters).  

Total Transfer

Leave as is; the cell will be automatically filled based on amounts entered above.  

Total per Column Leave as is; the cell will be automatically total based on all amounts entered under “Gross Revenue”. The “Total per Column” must equal to zero.

Please keep a copy of this form and the supporting documentation in your office. Send originals to Cash Management by one of the following methods:

E-mail with signature to Cash Management at Cashmgt@bussvc.wisc.edu.

Mail with signature to 21 N. Park St., Suite 5301, Madison, WI  53715

Please do not send forms direct to staff for processing.

Questions regarding this form should be directed to Limin Tang.

Note: There are many versions of Excel on campus. The forms have been developed to print on one page. If you are having problems printing, on the Excel toolbar, select File, then Page Set Up. This will open a dialog box for you to select “Fit to 1 page.” If this solution does not work, please contact your IT support person for further assistance.

Calculating Gross Sales
based on Net Sale Information
Net Sale Results

Known:
Amount of Net Sale

Unknown:
Amount of Gross Sale

(Use for Dane County and all other counties, except for Sales Tax Exception A, B, & C below.)

Calc for Gross Sale

(Net Sale x 1.055) 

Gross Sale

Sales Tax "Exception A" Calculation Net Sale Results

Known:
Amount of Net Sale

Unknown:
Amount of the Gross Sale

(Use for Milwaukee, Ozaukee, and Washington Counties.)

Calc for Gross Sale

(Net Sales x 1.060)

Gross Sale

Sales Tax "Exception B" Calculation Net Sale Results

Known:
Amount of Net Sale

Unknown:
Amount of Gross Sale

(Use for Racine and Waukesha Counties.)

Calc for Gross Sale

(Net Sales x 1.051) 

Gross Sale

Sales Tax "Exception C" Calculation Net Sale Results

Known:
Amount of Net Sale

Unknown:
Amount of Gross Sale

(Use for Calumet, Kewaunee, Manitowoc, Menominee, Outagamie, Sheboygan and Winnebago Counties.)

Calc for Gross Sale

(Net Sales x 1.050) 

Gross Sale