Dear All, I am the treasurer for a religious organization and we have contributions coming in that are earmarked for a certain purpose. I propose to enter these as separate Asset child accounts and then spend them in the corresponding expense account. Do I have that right?
What do I do with ‘in-kind’ contributions? No cash changes hands but it is the same difference, so do I debit the cash income account and credit the expense account? Thanks for helping, everyone. Anita > > Exactly—the bank shows our actual lump asset, but we care about the movement > of these ‘earmarked’ funds and keep them in our reports, so we know at a > glance how much spendable money in the bank we actually have, as opposed to > what the bank statment gives as our balance. > > Anita > >> On 18 May 2017, at 5:49 PM, Maf. King <[email protected]> wrote: >> >> On Thursday, 18 May 2017 15:39:59 BST you wrote: >>> Maf, I forgot to mention an important thing: I am not moving money from the >>> bank, I am keeping it in the GC account tree along with cash, current, >>> savings accounts, so one would only know about these funds that are set >>> aside by looking at the GC accounts, not by looking at the bank statement. >>> It initially comes in as a contribution, and so I would put the >>> contribution in the asset subaccount, as an earmarked account, and then >>> spend that balance down to zero in the expense account. Is that right? >>> >> >> Yes. your GC bank account can have sub-accounts - virtual "pots" of money >> that only show up if you look at GC. The bank thinks you have 1 "big" >> account, you think in terms of several mini accounts within the main bank >> account that keep your reserved totals easy to find... >> >> Maf. >> > > _______________________________________________ > gnucash-user mailing list > [email protected] > https://lists.gnucash.org/mailman/listinfo/gnucash-user > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. _______________________________________________ gnucash-user mailing list [email protected] https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
