Thanks Leslie! I’ll look into the feature that will allow us to edit the Current or Future. It sounds like this could be a good solution for us.
I’m not a CPA so I’m not sure the proper way that they should be recorded, but I still don’t understand the future receivable as we restrict both the revenue and the receivable amounts until the time restrictions are met. Since this is the way our Finance Dept wants our contributions recorded, it seems to me that the Restricted and Future should be the same thing. When pledges are paid, it should just apply to the appropriate GL according to the restricted status. Our Finance Dept doesn’t want a pledge recorded in the current fiscal year to have a portion of the receivable recorded to a restricted GL so I’m trying to understand both the proper function of the Future Receivable field and how we should handle it internally.
Thanks again,
Mark
mark frey
Senior Manager Database & Analytics
The Woodruff Arts Center
404.733.4277
From: Tessitura Finance Forum [mailto:forums-finance@tessituranetwork.com] On Behalf Of Leslie McKinley Sent: Monday, May 08, 2017 1:55 PM To: Mark Frey Subject: RE: [Tessitura Finance Forum] Future Receivable GL
Mainly they aren’t linked because they are not same thing. Future receivable just means that it is expected to be received in more than 12 month from the time of the pledge. If you want to have an accurate payment schedule – linking the two would also not be a good thing since you could have a pledge that is not going to be unrestricted for 3-4 years but payment will happen before that.
Likewise you could have pledge that is for the current year that will be paid over 3-4 years and never be temp restricted.
One thing you might want to set out (depending upon the GLs you have set up for the funds) is use the feature that allows you to edit whether the scheduled payment is Current or Future. So that you could put June 1, 2017 as scheduled payment date – which will show Current BUT there is an option to change it to Future – here this change moves the receivable to the Future/TR receivable GL.
From: Tessitura Finance Forum [mailto:forums-finance@tessituranetwork.com] On Behalf Of Mark Frey Sent: Monday, May 08, 2017 1:42 PM To: McKinley, Leslie <LMcKinley@nycitycenter.org> Subject: [Tessitura Finance Forum] Future Receivable GL
Hi, I've always assumed that the Future Receivable GL was tied to the Restricted Income GL. So that when a contribution is time restricted, the Restricted GL and the Future Receivable GL would be the GLs used for the posting. This does not seem to be the case though, right? Why wouldn't they be linked and more importantly, is there a way to link them? For us, neither the Default (after 12 months) nor the Fixed Date method will work 100% of the time and we need something to always be accurate. Thanks, Mark
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