Were collecting donations to repair the steeple, but we will also need to use some money from the regular offerings. How should we track it?
q012.style.display = ‘none’; This is a good example of something that should have its own fund. This will allow you to easily track how much has been donated and how much has been spent without having to open a separate bank account. You may need only one Receipt category, perhaps with two accounts: Donations and Transfers (to record what you transfer from the General Operating Fund). If you hold some special fund-raising activities, you can create additional accounts. For Payments, the number of accounts will depend on the amount of detail shown on the bills you will be paying. If things like labor and supplies will be paid separately to various people, you’ll want more accounts than if you will simply be paying a flat fee to the contractor.
Related Questions
- It seems like the Chamber is always trying to raise funds and is always asking for donations or sponsorships. What does the Chamber do with all that money?
- Were collecting donations to repair the steeple, but we will also need to use some money from the regular offerings. How should we track it?
- How is the repair/rehab money handled/released?
