Hi, we received money from donor through the bank transfer at the end of the year but the money is for 1st quarter of the next year. How should I record this?

I checked with my accountant. He says you have to record the income this year because that's when you received it. When you apply it isn't the salient point, just when you actually received it. This assumes that your charity's fiscal year has not been adjusted to something other than the standard 1/1 - 12/31.