I want to begin to process contributions to our Corporate Partners scheme in Tessitura.
Our accounting practice for these contributions is that we account for the income from our Corporate Partners scheme monthly regardless of their payment schedule
eg Big Corp. pays £12,000 at the start of their partnership in January 2009 for a 12 month Partnership the income is allocated to Development budgets as £1,000 in each month of the Partnership, £3,000 goes in FY 08/09, £8,000 goes in FY 09/10
eg2 Medium Corp. makes a payment of £3,000 and a pledge to pay the remaining £9,000 in 3 further installments for their partnership the income is allocated Development budgets as £1,000 in each month of the Partnership again splitting over FY's
Is restricted income the way to deal with this scenario? All advice welcome!
Thanks
Katherine