Subscription in Advance
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Accounting for Clubs and Societies
MS: Yuran Terdahulu · EN: Subscription in Advance · ZH: 预缴会费
Meaning
Subscriptions in advance (prepaid subscriptions) are subscriptions members have paid for a future year but received in the current year. They are income received but not yet earned, and are therefore treated as a current liability. They must not be counted as current-year income.
Example
For example, 3 members of Mutiara Swimming Club pay next year's subscription of RM30 each in advance. The advance of RM90 is deducted from current-year subscription income and shown as a current liability in the Statement of Financial Position.
Source: DSKP KSSM Prinsip Perakaunan Tingkatan 5