Separating transactions by Fiscal Year for a non-profit

I'm the treasurer of a small non-profit educational cooperative.  Our fiscal year starts June 1, but we often receive membership dues for the next year in May.  Is there a way to record transactions in a way I can easily run reports to see income & expenses for each fiscal year?

 

Am I making sense?

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  • Hi Slate Gray Drum !

    Are you trying to run reports for June 1st - June 1st of the following year, but include dues paid in May? To do that you'd have to run reports from May - June of the following year. Instead, you could run the report from June - June with the knowledge that the extra inflows in May are for the following year. 

    Is there a certain figure you're looking for or trying to compare? Let me know and we might be able to better help narrow this down. :)

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  • Technically the fees received in May should be recorded as as an asset (like a savings account). I would set that up as an offline account and then in June  transfer to an on budget account recording as income. 

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