Hello,
Our nonprofit receives payments via Paypal for workshops we provide. For a workshop in April, we may receive payments in Jan, Feb, March and April. I'd like to show all of these payments in the Income Statement for April.
Currently, we're using cash basis accounting, and so payments are displayed when they're received. This makes if very difficult to compare income and expenses and get accurate info from our Financial Reports. So I'm investigating how our data entry will be different if we use accrual accounting to manage this.
Currently, we download PayPal payments from the banking feed as deposit transactions into the revenue category for the particular workshop in the Chart of Accounts. Do I need to create a payable account instead of categorizing these directly into a revenue account? If so, what would the workflow
