How to book incomes from a past accounting period?

[John G Sullivan]

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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