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Post donation to next fiscal year spendable
KristinBoyer
Posts: 9 ✭✭
Any recommendations for posting a donation to an endowed fund's next fiscal year's spendable? We don't want the funds posting to either principal or current year spendable. Support suggested that I post-date the donation to the next fiscal year, but doesn't sound like a good fix.
I'd like to post to a deferred revenue account, but appears that anything entered via Donations ends up either in current year spendable or principal.
Ideas?
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Interesting question, Kristin. When I have this situation occur, I just post the donation to current year spendable. Then I usually make note of it, clear out the spendable at year end and then make a journal entry on the first of next fiscal year to properly record the spendable amount again. We usually only have 5-10 of these per year and they normally happen in the last two months of our fiscal year so I find it manageable.
I have considered also NOT checking the 'apply to spendable box' so it doesn't actually impact my spendable, but I like the reminder that it's there and as I'm clearing out my unused spendables for the year.
After reading your question I can see how a deferred spendable option would be helpful. I'm just not sure logistically how that would be implemented so the manual journal entry is my go to for now.