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Income

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?
Rhonda Mitchell

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Sounds OK to me

neileg |

Income Accrual

Abacjm |

Deferred Income

adamdevey |