On 10/14/2022 3:21 AM, Charles Vincent wrote:
Following my previous email on the subject, thank you to members and to the
four friends who responded. Feedback and additional question below.
It took me a while to understand what you were saying, but with your
indication of liabilities, that got me thinking and I did manage to find
the solution.
- Create liabilities accounts for each donor under Liabilities,
- $ is credited to the bank account and to the donors Receipt account,
- $ are debited from the donors Receipt account to the donor's newly
created liability account
- Invoices are paid by inserting the payment in the PAY on the posted
invoice and debiting the liability account.
It all squares. Thank you
And although more work, is more technically correct if these invoices
are for renewal of membership in a voluntary organization. When a
renewal invoice is issued, the amount is entered as a receivable but the
donors are not obligated to renew (so it's not legally a receivable).
Its an additional reason why organizations prefer member signing up for
"monthly donations". Not just because more likely to get, but that
constitutes a "pledge" and legally a pledge is receivable.
Michael D Novack
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