income

[treasurer4tbc]

have a situation where tuition income is coming in 2016-2017 for 2017-2018 budget year. it doesn't need to be shown as income on this year's budget. it goes directly to bank so is included on bank statement. what is the proper way to enter these transactions?

[NeilZ]

have a situation where tuition income is coming in 2016-2017 for 2017-2018 budget year. it doesn't need to be shown as income on this year's budget. it goes directly to bank so is included on bank statement. what is the proper way to enter these transactions?

Powerchurch is not an 'accrual' type of accounting program, as churches are cash based operations. Income is tracked as income comes in, not as 'future earnings' as you would have in a business type of accounting.

There are probably some workarounds that could be made to put these funds in a liability account, then when the new fiscal year begins the funds are then transferred to income; but other than that, there is no 'proper' way.