Apologies for what is probably a very simple question, this is new to me.
Our local sporting club has received a couple of Goverment Grants.
I have allocated that money to a 'Grant' Income account in our MYOB.
Do I need to create a 'Grant' Expense account to allocate the expenditure of that money or can I just allocate it as I usually would (ie. in the 'Equipment' Expense account).
Many thanks in advance.
Hi Selena2,
Thanks for your post and welcome to the Community Forum ! Generally speaking a government grant can be recorded via the Receive money window, information on this is available on our help article Receive money. The article doesn't mention if you need to create an expense account for allocating the expenditure, if you're unsure of this I'd recommend speaking to your accountant or financial advisor on whether this is something you would need to record in your software.
Do let us know how you go.
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