Education
Alumni Lifetime Membership (Deferred)
Recording a one-time fee for a lifetime membership in the Alumni Association.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash | Asset (+) | 1,000.00 | - |
| Deferred Alumni Revenue | Liability (+) | - | 1,000.00 |
💡 Accountant's Note
Under IFRS 15, because the 'service' (membership) is provided over the lifetime of the member, the revenue must be deferred and recognized over a reasonable estimate (e.g., 20 years).
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