Money has been received that covers a period that crosses into the next fiscal year. As Income/Expense accounts zero out to fund balance, how can I carry part of this into the next fiscal year?
I think this would be considered Deferred Income. Upon receipt cash was debited and revenue credited. Would I move the next fiscal year portion from the revenue account to a deferred income liability account in the current fiscal year then move back to revenue upon beginning of the next fiscal year?