Deferred Revenues (Recognition) in Odoo 13 Accounting, Deferred revenue is an advance payment received by a company. It is not yet revenues so cannot be reported on the income statement. In other words, deferred revenue is a payment in advance recorded on the receipt's balance sheet as a liability account until either the services have been rendered or the products have been delivered or we can say, Payments made in advance by customers for products yet to deliver or services yet to render.