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.
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.
Revenue recognition is an essential tool
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.