Discussion:Non profit fund accounting
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| Revision as of 18:38, 9 August 2009 Rkrcpa1 (Talk | contribs) (When cash is don) ← Previous diff |
Revision as of 16:48, 10 August 2009 Sandysea (Talk | contribs) (Fund accounting.) Next diff → |
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| {{ForumReplyPost|UserID=Rkrcpa1|Date=9 August 2009|Text=When cash is donated you debit cash and credit income. When you spend the money you debit expense and credit cash. Net income closes to the net asset categories.}} | {{ForumReplyPost|UserID=Rkrcpa1|Date=9 August 2009|Text=When cash is donated you debit cash and credit income. When you spend the money you debit expense and credit cash. Net income closes to the net asset categories.}} | ||
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| + | {{ForumReplyPost|UserID=Sandysea|Date=10 August 2009|Text=Fund accounting...if the money went into the "fund" restricted then you need to reduce the amount in the "fund". Temp restricted funds can spend the original cash in the bank, permanently, you hold it but the earnings from the cash can be spent. | ||
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| + | No expensing if spent out of restricted funds Neil}} | ||
Revision as of 16:48, 10 August 2009
Discussion Forum Index --> Accounting Questions --> Non profit fund accounting
| 9 August 2009 | |
| I understand that funds fall into 3 categories, unrestricted, temp restricted and restricted. I treat them as equity acounts.
So if I have cash donated to a fund I dr cash cr equity account. Now the money goes to an investment company so I cr cash and dr investments. Then when the money is spent I cr invenstment funds and dr the equity account and cr income and dr the expense Am I missing something in this process | |
| 9 August 2009 | |
| When cash is donated you debit cash and credit income. When you spend the money you debit expense and credit cash. Net income closes to the net asset categories. | |
| 10 August 2009 | |
| Fund accounting...if the money went into the "fund" restricted then you need to reduce the amount in the "fund". Temp restricted funds can spend the original cash in the bank, permanently, you hold it but the earnings from the cash can be spent.
No expensing if spent out of restricted funds Neil | |
