On 12/22/2017 3:30 PM, Mike or Penny Novack wrote:
On 12/22/2017 1:56 PM, Aaron Laws wrote:
Excellent; thank you. One more question:
Something which I forgot to ask:
Does the organization have another bank account besides the checking
account? If the organization has a savings account (for example) an
informal way to account for restricted funds, but one which might seem
more intuitive to your board, is partitions (child accounts) within the
savings account. In other words, instead of having JUST the savings
account, make that a parent of "general savings", "restricted fund one",
restricted fund two, etc.
The total in the parent should match the bank statement.
You enter ordinary transactions affecting savings in "general"
When you have qualifying expenses for one of the restricted funds, you
just transfer that amount to "general" << and you could do this either
as expenses incurred or by periodic adjustment.??
Michael D Novack
PS -- You can do this even if you have just a checking account BUT it
makes reconciling the checking account trickier so I wouldn't recommend
that.
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