I have started a new fiscal year, but I need to finish paying for the prior year's allocations.  How do I record this in NTS?

It is typically best to record Allocation payments in the year that they apply. However, it is possible to record those payment into the following fiscal year. The instructions for both options are below.

Post payments into the year that they apply

  1. Return to the fiscal year for which the payments need to be made. For example, if payments need to made for the 2012/2013 year and the 2013/2014 fiscal year has already been started, change the fiscal year back to 2012/2013.
  2. Post the checks on the last day of the fiscal year.
  3. Since the new year has already started, it may be necessary to update your starting balances for the new year. The system may ask if the balances should be updated. Click Yes to update the balances. If the option is not available or the system is unable to update the balances, see: How do I make last year's ending balance equal this year's starting balance?

Payments will appear on the Annual Report in the year in which they are posted.

Post payments into the current year - Payments posted into a year other than which they apply, must be kept separate from your current year payments.

  1. Create new expense account(s) for these payments. Example: create a new expense account called "Prior Year WEF".
  2. When writing the check, charge the payment for the prior year to the new account(s) you created.

Posting payment using this method does not require you to update any balances.