Revenue Recognition

The latest release of ferry+ incorporates a major new module for the recognition of earned and unearned revenue. This new feature rich module enables accurate reporting of  revenue for the general ledger and for management & statutory purposes.

Revenue recognition is an essential tool

It’s clearly necessary for operators to know that of those payments received, how much revenue is actually ‘earned’ and can be recognised by moving it into the profit & loss account from the liabilities account.

The ferry+  ‘deferred’ revenue ledger solves the problem as it records payments and credit account holder bookings and, when check-in etc, takes place shows which revenue can be recognised. Forward booking reports give indications of expected revenue from season tickets and all pre-booked travel etc.