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info-littleousem
January 10, 2023
Question

How to record receipts in advance of the new financial year?

  • January 10, 2023
  • 1 reply
  • 0 views
I produce invoices to my customers in February which covers an advance rental period for April to March (1year).  Many payments are received during February & March.  April is the start of my financial year and it is from then the ‘sale’ needs to be accounted for.
How do I do this in quick books - I have raised invoices mid February by how do I receipt so that the sale goes into the correct financial year.
I am new to quick books, I hope my question is clear ?

1 reply

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emmam6
January 10, 2023

Hello Info-littleousem. Welcome to the Community and Quickbooks! Just to confirm in February when you invoice for the year you want the full amount to show in April as a sale for the new financial year is that right? Are you on the cash or accrual method for your accounting?

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info-littleousemAuthor
January 10, 2023

Yes - want the sale in the new financial year.  
Use cash method

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Charies_M
January 11, 2023

Thanks for confirming, info-littleousem.

 

I can guide you in recording receipts for the new financial year.

 

Since you're using cash method of accounting, you can just enter the date under the new financial year in your transactions.

 

Here's how:

  1. Click on the + New button and select Sales receipt.
  2. Fill in the details on the form.
  3. Enter the details on the Memo section of when the event occurred.
  4. Select Save and close after reviewing the details on the form.

You might want to check this link to understand the difference between cash and accrual accounting methods: Cash vs. accrual accounting: What’s best for your small business?

 

If you have other questions on future tasks, feel free to access our Help Articles.

 

Keep in touch if you need any more assistance with managing receipts, or there's something else I can do for you. I've got your back. Have a good day.

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