Note: An example of this is, an owner paid their January 2024 invoice in December 2023. The payment is currently going toward your 2023 yearly income numbers, but you want it in 2024 instead. Journal entries would be used to fix this issue.

Take special care when choosing to do this. Typically if you are running on a cash basis, you should be recognizing revenue when you are paid cash, not at another time. If you are running on an accrual basis, the system will log revenue according to invoices, and this action will be unnecessary.

You will need an account for these funds to sit in at the end of the year, since you are moving them out of income. We will call this Prepaid Dues/Assessments and it will be a liability on your books.

1) To create this account you will go to Budgets > Edit Categories > Liabilities.

Then you will Add Liability and create the account seen below. Make sure that the starting date is at least one day before the last day of the year.

Now you're ready to create your entries.

2) Click on the transactions tab. Once there, we recommedn refreshing your browser several times to make sure your new account that you've created will show up in your account lists.

3) Click actions on the right-hand side > Add Journal Entry

4) Put the date as the last day of the past year, such as 12/31/2023 if moving funds to 2024

5)Debit the revenue category (Whatever the category is on the original transaction)

6) Type in the amount of the funds you are moving

7) Credit the holding account, Prepaid Dues

8) Type in the amount of the funds you are moving

9) Save & Add Another

10) Create the second journal entry, repeat steps 1-3

11) Put the date as the first day of the current year/year you are moving the funds to. Such as 1/1/2024

12) Debit the holding account, Prepaid Dues, chosen in the first journal entry

13) Type in the amount of the funds in the first journal entry

14) Credit the desired revenue category

15) Type in the amount of the funds in the first journal entry

16) Save