Moving pledge payments to correct Fiscal Year

Not entirely clear about what is happening here or what the Finance dept is having trouble attributing Cash to the fiscal year.   

If you are on an accrual basis, the revenue is taken in the year the pledge was made.  If on a Cash basis the revenue is the date of the payment.

If your Campaigns are set up with the Fiscal Year field entered, the GLs will print on the posting batch with Fiscal Year (any receivable for a prior year pledge will show the year of the FY of the pledge) perhaps this is causing the confusion.    Maybe its as simple as removing the Fiscal Year from the Campaign.  This field is FYear and appears in the Campaign set up screen just below Membership Organization.

From: Maggie Stephenson [mailto:bounce-maggiestephenson2481@tessituranetwork.com]
Sent: Friday, September 09, 2016 1:38 PM
To: McKinley, Leslie <LMcKinley@nycitycenter.org>
Subject: [Tessitura Finance Forum] Moving pledge payments to correct Fiscal Year

Hi, I'm not a finance person or a tech person so I'm hoping someone can break this down into laymen's terms for me!

So, a donor makes a pledge on May 1 for $1200, payable in monthly installments of $100. Our Fiscal Year is July 1 to June 30, so two of those installments are in FY 2016, the remaining are in FY 2017. Our finance team would like our system to reflect that their payments are in FY 2017, although in our system they are still attributed to FY 2016.

Can anyone help point me in the right direction as to how to handle this, without creating a ton of extra work in having to create multiple different pledges for different fiscal years? We're currently working towards simplifying our pledging process so that we don't have to have multiple pledges for multiple calendar years (for Canadian tax receipting purposes), so we really want to avoid that in how we approach pledges over multiple fiscal years too.

Thank you!

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Not entirely clear about what is happening here or what the Finance dept is having trouble attributing Cash to the fiscal year.   

If you are on an accrual basis, the revenue is taken in the year the pledge was made.  If on a Cash basis the revenue is the date of the payment.

If your Campaigns are set up with the Fiscal Year field entered, the GLs will print on the posting batch with Fiscal Year (any receivable for a prior year pledge will show the year of the FY of the pledge) perhaps this is causing the confusion.    Maybe its as simple as removing the Fiscal Year from the Campaign.  This field is FYear and appears in the Campaign set up screen just below Membership Organization.

From: Maggie Stephenson [mailto:bounce-maggiestephenson2481@tessituranetwork.com]
Sent: Friday, September 09, 2016 1:38 PM
To: McKinley, Leslie <LMcKinley@nycitycenter.org>
Subject: [Tessitura Finance Forum] Moving pledge payments to correct Fiscal Year

Hi, I'm not a finance person or a tech person so I'm hoping someone can break this down into laymen's terms for me!

So, a donor makes a pledge on May 1 for $1200, payable in monthly installments of $100. Our Fiscal Year is July 1 to June 30, so two of those installments are in FY 2016, the remaining are in FY 2017. Our finance team would like our system to reflect that their payments are in FY 2017, although in our system they are still attributed to FY 2016.

Can anyone help point me in the right direction as to how to handle this, without creating a ton of extra work in having to create multiple different pledges for different fiscal years? We're currently working towards simplifying our pledging process so that we don't have to have multiple pledges for multiple calendar years (for Canadian tax receipting purposes), so we really want to avoid that in how we approach pledges over multiple fiscal years too.

Thank you!

This message was sent automatically to you by www.tessituranetwork.com because you subscribed to the Tessitura Finance Forum. You may reply to this message to post to the Finance forum or visit the site to search, read and post to the forums. In the interest of keeping the forum posts from becoming cluttered, we encourage you to delete previous message text from your reply before sending. Thank you!