How to book incomes from a past accounting period?
John G Sullivan
sullij_27615 at att.net
Fri Oct 18 09:02:26 EDT 2013
When you closed the books for the year and finalized the reports for
the period you probably don't want to have to change the reports;
however, you're trying to reflect the change.
It sounds like you're a non-profit. My approach would be to create
another income account, " income from previous period" and post to
that account. at the close of this period I would then post the net income
( both current year and previous year ) to equity.
If you had created an accounts receivable in the previous year, and this
income part of that, then I would just post to AR in the present year.
If there are tax concerns, then if you're on a cash basis, the money
belongs in the current year. If you on a accrual basis, then you AR should
have related it to income last period.
John Sullivan
not an accountant
but an opinion
On Thursday 17 October 2013 04:20:40 Jonas Wagner wrote:
> Dear Gnucash users,
>
> a new season just started for an association I'm part of. I created a
new
> Gnucash file for the new season's finances.
>
> Now I occasionally receive money that "belongs" to the past season.
For
> example, somebody who forgot to pay their membership fees last
year pays
> the double amount this year. What is the best way to handle this?
>
> What I tried:
>
> * Equity:Past season
> - Overdue membership fee for John Smith: $20 (to
Income:Membership fees)
>
> * Income:Membership fees
> - Overdue membership fee for John Smith: $-20 (from Equity:Past
season)
> - Membership fee John Smith (past season): $20
> - Membership fee John Smith (current season) $20
>
> This seems to work, as it leaves me with the correct total of $20 in
> Income:Membership fees and somehow documents past year's
money.
>
> I think the question is more general than that, though: How to handle
> transitions between accounting periods? Should I book incomes from
past
> years under incomes? Or are they equity? A/R? Or something else?
>
> Thanks for your help?
> Jonas
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