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. We recommend using Option #1.
OPTION #1: Post Payments into the applicable year
- Return to the fiscal year for which the payments need to be made. For example, if payments need to made for the 2025/2026 year and the 2026/2027 fiscal year has already been started, change the fiscal year back to 2025/2026.
- Post the Payments on the LAST day of the Fiscal Year.
- 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 to make last year's ending balance equal this year's starting balance.
Payments will appear on the Annual Report and Allocation Report in the year in which they are posted.
OPTION #2: 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.
- Create NEW Expense Account(s) for these payments. Example: create an Expense Account named "Prior Year WEF".
- When Posting the Payment, charge the payment to the newly created account(s).
Posting payment using this method does not require Balances to be updated.
For more information see:
