Thanks in advance!
I think this is more of a technical issue unless I have missed something…
This is the example with made up figures. Our CIC has received 1k funding for a project which spans our accounting year end. £400 allocated to the part of the project before the year end and £600 for after the year end.
The 1k transaction came into our bank and I have allocated it to ‘Grant Funding’ in our Sales section.
I would like to allocate £600 into ‘ringfenced’ account pot, which I hope will act as if were a creditor, so it takes it off what we are taxable for at the year end.
I have created a new ‘account’ called ‘Ringfenced funding’ code 2110 in Assets and Liabilities and said it was ‘short term credit’.
How can I do this?
Do I create a new transaction for 600k and put it in ringfenced funding? (HAve I just answered my own Q?)
Or do I split the incoming transaction and label one into Grant Funding and one into ‘Ringfenced funding’.
I could see the original incoming 1k in the journal for that and thought maybe I was supposed to input there…?
Assuming I am doing the actual accounting bit right (corrections welcome) how can I put the numbers where I want them to be…
As for what needs recording where, those types of queries should be directed to an accountant. If you don’t have an accountant, we have a panel of accountants to choose from, for more information, please see the following link:
Thank you so much Steve - that is very very helpful. I couldn’t seem to find my search function to find these topics… It seems I didn’t need to set up a new one! I feel sure it must be possible to search through topics. I am on FireFox and using Mac (if that makes any difference) - how can I search topics?
For some reason my icon doesn’t come up (or the menu button next to it) but if I hover there with my cursor it shows a button tagged as ‘search’. That’s fab! I just need to remember! Not sure why it isn’t showing but as long as I can search I don’t mind!