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HelenCX's avatar
HelenCX
User
2 years ago
Solved

Grant allocation - received in advance for next financial year.

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 repo...
  • LRBooks61's avatar
    LRBooks61
    2 years ago

    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

     

     

LRBooks61's avatar
LRBooks61
Ultimate Cover User

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's avatar
HelenCX
User
2 years ago

That's perfect. Thank you so much.