Hi,
We received a bequest in a previous FY that was recognised as income in the year it was received, and then put into a reserves equity account at EOFY. We are now spending the money (under a job with no income recorded), but want to know the best way to recognise that the reserves are being drawn down throughout the year as money is being expended.
Thank you.
Hi MishPony.
Thank you for your post, and I apologize for the delay in our response.
I understand your need to ensure that transactions from the allocated amount from the equity account are recorded accurately. However, providing an answer to this question would be considered financial advice, which as moderators, we are not permitted to give. I would recommend consulting with an accountant or financial advisor for assistance.
In the meantime, if you have any other questions or need further assistance, please feel free to create a new thread.
If my response has answered your inquiry, please click "Accept as Solution" to assist other users find this information.
Thanks,
Genreve
