Thanks Stephen.
This is kind of what I was thinking I needed to do.
Can you offer some pointers to find out more about 'setting flags' and
roll-up account? I figured there should be options like this but too
ignorant of accounting to even know where to look.
73,
Rod - K7ZBE
--
On 5/2/19 4:53 PM, Stephen M. Butler wrote:
On 5/2/19 3:18 PM, Roderick Anderson wrote:
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
In addition to the other suggestions, I'd look to having sub-accounts
under checking and set flags such that checking includes the
sub-accounts in a roll-up accounting. With sub-accounts you could break
out the funds held in the checking account for the purposes for which
the funds have been reserved.
Have fun and 73.
--KG7JE
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