fiscal year ?

[tbcbrown]

The fiscal year ended 7/31/17. There was a surplus which the Director wants to spend out of but since it's now a new fiscal year, how should it be recorded in PC 11.5. Do we go back to 7/17 and record in the old fiscal year or just record in the new year and document.

[NeilZ]

The fiscal year ended 7/31/17. There was a surplus which the Director wants to spend out of but since it's now a new fiscal year, how should it be recorded in PC 11.5. Do we go back to 7/17 and record in the old fiscal year or just record in the new year and document.

Powerchurch is a cash basis accounting. Last year's budget is last years budget. You're in a new fiscal year, and what's left over is not a surplus, its either income that was not budgeted for, or you spent less than the budget. In either case it was good financial stewardship.

If you're going to spend this money, rather than set it aside as a rainy day fund, you'll be writing checks in this fiscal year, so it will go against this fiscal year.