User Support Forum

We are at the end of our budget year (new budget starts Sept), but have several expenses that need to be paid now, but should be reflected in the next budget year.

How should I enter these in the books?

Pamela Shaw
Treasurer

FBCVandalia wrote:We are at the end of our budget year (new budget starts Sept), but have several expenses that need to be paid now, but should be reflected in the next budget year.

How should I enter these in the books?

Pamela Shaw
Treasurer

What type of expenses are these? Are these recurring? That is, do these expenses happen each year at the same time? I would just include them in the current year budget, as next year you will be paying for the next year's. It will even out.

FWIW .. as a cash based accounting system, unlike an accrual system used in a 'for profit' business, Powerchurch tracks expenses as of today. Thus when you create a budget you need to plan for expenses as they will occur within the current fiscal year.

The funds will be flowing out of the bank this month, thus the expense is this month's, even though you're paying for something that will be used in September.

You can try to get around it, by manually writing the check with a date of today, but entering it as as a manual check with a date of Sept 1st, but that is a workaround I do not recommend.