Cryptic enough? :-)
How should I make entries for club project funds.
I am the treasurer for a small 501(c)(3). Our income is mainly
memberships (dues), cash donations, and an annual swap meet like event.
First off I have almost no experience in accounting and mostly
on-the-job learning. I inherited a Quick Books system that I imported
into GNUCash. I've made some modifications to that account structure.
I am using three Asset accounts. Checking, Savings, and Petty cash.
I've been asked to track the funding(?) for the clubs main project, HAM
radio repeaters. We paid for them out of checking. Some of it before I
became treasurer.
We are now needing to enhance those systems so we've asked for
donations specifically for this purpose - a Repeater fund.
So when the funds come in how do I book them? That the right term?
Previously I just deposited the funds to checking. And we used them as
needed though there wasn't enough in the fund so the rest came out of
the checking asset.
I'd appreciate any suggestions on how to handle this?
TIA,
Rod
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