TouchNet uStore Deferred Revenue
January 11, 2023
When creating TouchNet Marketplace uStore products such as summer camps, pre-college programs, conferences or events that take place on or after July 1st of the next fiscal/academic year, with the exception of non-refundable deposits, those events, etc. should be initially charged to your fund and org using the deferred revenue account (0555) at the end of the TouchNet Accounting Code (Fund /Org/Acct). Revenues are deferred based on the revenue recognition principle, meaning that revenues are recorded at the time they are earned. Products of this nature should be processed through your uStore with the deferred revenue account as outlined above.
In addition, an email needs to be sent to the TouchNet Marketplace Administrator at email@example.com when the product(s) are enabled to share the TouchNet Accounting Code to be used when revenues are recognized after June 30th. TouchNet Accounting Codes will be captured in this way and shared with General Accounting. General Accounting will process the journals for 7/1/xx to move items out of deferred revenue and into your designated revenue account(s).
If you have questions about the nature of products being added to uStores, as to whether they should be treated as deferred revenue, please direct those questions to the General Accounting Team at firstname.lastname@example.org. Any questions regarding uStore setups and/or functionality should be directed to the TouchNet Marketplace Administrator at email@example.com.