Statement that spans Church Years

[CoveBaptist]

I realize this is basically an accounting question but I'm lost and hope someone is willing to help. I have a statement that contains numerous items - first, one credit and one charge for VBS and needs to be posted against our church year 13 which ended July 31. The statement also contains several other charges that need to be paid from and posted against the current year - one check was written for the final balance due. I have not closed August but I cannot figure out how to make the entries so the credit and one charge go against last year but the check and other charges go against this year. By the way, the credit is more than the charge that goes with it (they were for VBS materials purchased and returned). Thanks for any assistance!

[NeilZ]

I realize this is basically an accounting question but I'm lost and hope someone is willing to help. I have a statement that contains numerous items - first, one credit and one charge for VBS and needs to be posted against our church year 13 which ended July 31. The statement also contains several other charges that need to be paid from and posted against the current year - one check was written for the final balance due. I have not closed August but I cannot figure out how to make the entries so the credit and one charge go against last year but the check and other charges go against this year. By the way, the credit is more than the charge that goes with it (they were for VBS materials purchased and returned). Thanks for any assistance!

If you've already closed out July, then you have no way to charge to the previous year. BTW ... because you can have 18 months open, we do NOT recommend that you close any months until it is absolutely necessary, for reasons such as you have here.

Right now, you can have months open from March 2013 to Sept 2013 (if I counted right) if you have the setting under File -> Preferences -> Accounting set to 18 months.

[CoveBaptist]

I'm sorry - I have not closed July or August. So what can I do?

[Matt]

You will need to split the check into two entries and post each entry to it's respective month. For example, let's say the net of the credit and the charge for the VBS materials was a $50.00 credit and the net of the remaining charges was $400.00. So the actual check that was cut was for $350.00. You would split this as follows:

July

Debit Checking Acct $50.00
Credit VBS Materials $50.00

August

Debit Expenses $400.00
Credit Checking Acct $400.00

Use the same date, vendor, and check number as the reference on both entries. When you go to do the bank reconciliation just clear the $50.00 deposit and the $400.00 check against the $350.00 check that is on the bank statement.