Grant allocation - received in advance for next financial year.

[HelenCX]

Hi - we have recieved a Grant payment on 30/6/2022 which is for a program which will run in 2022/2023.

How do I enter this in MYOB without it affecting the end of financial year Profit and Loss report?

The way I have entered it now (Recieve Money) is increasing the actual profit that is true to the 2021/2022 period.

Thank you. 

[LRBooks61 · Accepted solution]

Hi

I suggest that you set up a liability account and allocate the grant money there.

I suggest a liabilty account (2-XXXX)as it is naturally a credit account( as is an income account) and sits in the Balance sheet.

This also isolates it from other funds received.

Just change the receive money transaction from the income account(4-XXXX) to the 2-XXXX account you set up

Hope that helps

Lisa

[HelenCX]

That's perfect. Thank you so much.