by Paul Sykes
(Summerfield Florida)
We are in encountering a situation that we don’t have an answer for.
For an example. Our youth ministry has a budget for $1,000.
A couple then donates $1,000 to the ministry.
We have a sub bank account set up in Quickbooks for these cash gift for the youth.
But the problem comes when we write a check against the cash donation for say the $1,000 it exhausts both the cash sub account and also the budget.
How do we prevent this? Please give us some advice.
1Comments
Don't use Bank Sub Accounts =)
VVickey
I don't like using bank subaccounts to track designated and restricted funds =(
It makes it hard to reconcile and is not a good method of tracking funds...BUT ...
to answer your question =)
I would do a journal entry debiting the sub account for the $1000 "gift" and crediting the main account where the offering was probably recorded.
That way the balance shows 2k in that "ministry/fund".
Anyone else using this method that could chime in to help Paul?
It makes it hard to reconcile and is not a good method of tracking funds...BUT ...
to answer your question =)
I would do a journal entry debiting the sub account for the $1000 "gift" and crediting the main account where the offering was probably recorded.
That way the balance shows 2k in that "ministry/fund".
Anyone else using this method that could chime in to help Paul?