According to the US Securities and Exchange Commission (SEC), a business company has to meet several criteria set forth by the said agency in order to meet and recognize the revenue. For one, a company must make a fair estimation of the amount for the allowance for doubtful accounts. Additionally, there has to be a complete transferring of ownership, evidence of transactions, and the determined price. The SEC clearly explains that if the company fails to meet such criteria, the revenue recognition will be deferred. But aside from meeting all these requirements are the templates that you need to use to draft a financial statement. Take a look at the examples below to help you account for the unearned revenue.
10+ Unearned Revenue Templates in Google Docs | Google Sheets | Excel | Word | Pages | Numbers | PDF | AI
1. Project Payment Schedule Template
Are you looking for a payment schedule template for your project today? Or, are you having a lousy day drafting a payment schedule from scratch? Well, we have a solution to your problem. With this Project Payment Schedule Template, you can save yourself from too much hassle and stress of making it all from the very beginning. The template has the preformatted content already and a layout that you can use as-is or change. You only have to download it in almost all file formats listed above.
2. Service Contract Template
contracts example are no ordinary papers. They are made to keep the agreeing parties perform their duties and to layout the consequences when one party does not meet the required and agreed service. Drafting a contract is another difficult task to do. That is why we made this Service Contract Template available for you. Admittedly, it can save you from all your worries, and can even save the time that you value. Download it now to start out!
3. Balance Sheet Template
This Balance Sheet Template is an essential ingredient to your revenue-making activity. It aids you to lay down all the expenses and revenues that a company receives on a monthly example, quarterly, or yearly basis. You can download it as it is and modify it the way you want using Google Docs, Google Sheets, MS Excel, MS Word, Numbers, Pages, and Editable PDF. Don’t miss this chance. Download it right away!
5 Steps to Determine an Unearned Revenue
Step 1: List Business Transactions
Unearned revenues are the prior amounts received by a company before performing a service or delivering a product. This type of business transaction is common in most service-based companies. And it is usually recorded as part of the company’s liability to which it owes a service or a product. For this reason, you have to identify and list example all the business transactions involving unearned revenues. You need to separate the earned from those that are received.
Step 2: Study the Accrual Basis of Accounting
The term “unearned revenue” is often used in the accrual basis of accounting. Recognizing revenues involves paying the required amount and performing or delivering a service or a product. Accruals are the accumulation of the adjusted debits and the credits. Generally, accruals can be categorized into two major sections: accrued revenues (receivables) and accrued expenses (payables). When you study and learn to perform such accrual accounting practices, it would be easy to account for your business’s unearned revenues.
Step 3: Make a Report
Initially, a separate report sheet is quite a need in the process. After you have identified the business transactions involving unearned revenues and learned the basics of accrual accounting, it pays great to make a detailed financial report of the said transactions. You can download any of the report sheet templates available on our website to help you draft one.
Step 4: Follow the Accounting Reporting Principles
In the process of accounting for the unearned revenues of your business, make sure to follow the accounting reporting principles. These principles require a business company to record the payment received but yet to deliver or perform the service or the product as the company’s liability. Hence, the company owes something to its customers. And failure to comply would result in the owing of the money that the customer has paid. The same thing happens when a customer cancels the order or a request.
Step 5: Record on a Balance Sheet
All business companies record their unearned revenues on a balance sheet. You can find the unearned income recorded in the current liability section. And if ever you need a template or two to perform such a task, our ready-made balance sheet templates are made available, easily editable, and 100% customizable for you. You may download a copy of the templates provided above anytime you need it.
4. Payment Balance Sheet Template
If you’re searching for a Payment Balance Sheet Template to utilize today, you can grab a copy of this one in Google Docs, Google Sheets, MS Excel, MS Word, Numbers, Pages, and Editable PDF. Don’t just let this simple payment balance sheet template slip through your hands that easy. Download it right there and then!
5. Pre-Authorized Payment Template
Learn to create a payment agreement document through this Pre-Authorized Payment Template today. Be able to list all the goods or services and their corresponding prices in a more sophisticated manner. You may personalize the template according to your fondness and preference. And make it as detailed as possible using MS Word and Apple Pages file formats. Download it now so you can start modifying it!
6. Monthly Cash Flow Forecast Template
Make a monthly cash flow forecast with the help of this template. Our print-ready and ready-made Monthly Cash Flow Forecast Template can help you make accurate financial projections every month. It is readily available in A4 and US print sizes, perfect for commercial as well as personal printing. Download it now to start the editing process!
7. Quarterly Income Statement Template
Get to draft an income statement on a quarterly basis using our Quarterly Income Statement Template. With this template with you, you can now record and monitor your company’s financial health. You can fully edit the template in MS Word and Pages file formats. Hurry! Never waste a chance. Download it immediately!
8. Free Rent Payment Schedule Template
If you need to make a schedule of payments, then this Free Rent Payment Schedule Template is what you need to download. By using MS Excel, MS Word, Numbers, Pages, and Editable PDF, you can have full control in personalizing the template anytime you want it. So, what are you still waiting for? Download it now for free!
9. Free Payment Received Confirmation Letter
When a customer has made a payment for a service that is yet to be performed, our ready-made Free Payment Received Confirmation Letter can aid you in drafting a letter confirming that your company already receives payment. The template is quick to edit, so there’s no problem modifying the original content and the layout in Google Docs, MS Word, and Pages. Make haste! Download this template today!
10. Free Rent Payment Receipt Template
Landlords are required to produce and provide a rent receipt for their tenants. If you are running such business, this Free Rent Payment Receipt Template can be of great help. But the same template can also be useful in providing a receipt for a payment made by your customers. It will be easy for you to account for the revenues when you have a copy of the receipts you have provided. Just click the download button and edit it in Illustrator, MS Excel, MS Word, Numbers, and Pages.
11. Sample Letter of Demand
Use this Sample Letter of Demand to write a Letters sample to a company in case a service or a product has not yet performed or delivered. Since an initial payment is made already, you have all the rights to demand your requests. You can download the file in a Portable Document Format (PDF). Secure a copy now!