Our non-profit society held its 2017 AGM in November 2017. Out fiscal year, however, starts on Nov 1, so our 2017 AGM was held in the 2018 fiscal year.
I want all of the revenue and expenses for the 2017 AGM to be accounted for in the 2017 fiscal year.
I'm trying to understand how to account for an event that occurred *after* year-end, in the previous year. Most of the expenses for the event were paid for in 2017, so I guess I can be a little "loose" with those and just report them on a cash basis. Some expenses, however, and all of the revenue were not known until, or after, the event itself.
Is there an accepted method to "back-date" those to make them part of the 2017 fiscal year?
I want all of the revenue and expenses for the 2017 AGM to be accounted for in the 2017 fiscal year.
I'm trying to understand how to account for an event that occurred *after* year-end, in the previous year. Most of the expenses for the event were paid for in 2017, so I guess I can be a little "loose" with those and just report them on a cash basis. Some expenses, however, and all of the revenue were not known until, or after, the event itself.
Is there an accepted method to "back-date" those to make them part of the 2017 fiscal year?
