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correct invoice date

Ronald Gerhart's Profile

I operate a summer camp from Jul 1 to Aug 11. My fiscal is July1. I send out tuition invoices on March 31 and final payment is due by May 30 for the summer camp, which starts July 1. What date should I post on my billing invoice - March 31, July 1 ?


Topic Expert
Wayne Spivak
Title: President & CFO
LinkedIn Profile
(President & CFO, |

March 31. All revenue is unearned until camp begins. Depending on how you sell tuition, the earning of revenue depends on the number of weeks they attend.

Ronald Gerhart
Title: Executive Director
Company: Project Contemporary Competitiveness (PC..
(Executive Director, Project Contemporary Competitiveness (PCC)) |

Thank you for your prompt response. One further question, are payments received handled any differently in this situation?

Title: CFO
Company: C-Suite Services
LinkedIn Profile
(CFO, C-Suite Services) |

Payments received are Deferred Revenue (ie. collected but not yet earned). Revenue is actualized as the camp progresses.

Topic Expert
Doug Thompson
Title: Director of Revenue
Company: Castlight Health
(Director of Revenue, Castlight Health) |

Slight clarification. When you first create the invoice it's coded to A/R and Deferred Revenue. The payment just increases cash and decreases A/R like any other payment.

Pam Kyle
Title: Financial Coordinator
Company: TechKnowledgey, Inc.
(Financial Coordinator, TechKnowledgey, Inc.) |

All of these answers assume you are using accrual-based accounting. If you report on the cash basis, your invoice date is irrelevant.


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