Grant Money
I work for a not for profit organisation. In 2019 they received an amount to operate a outreach service. The original amount of $15k was deposited and is expenses from the everyday bank account.A liability account was setup to reflect the original $15k as well as an expense account.
How should this be handled as the board are saying that there should be a line within the P/L that reflects the remaining funds at the end of each month?
Hello DebWal63
I would suggest referring to an accounting advisor for this query, however, I can point you in the direction of a few similar posts regarding how to record grants in MYOB. This post has some good advice from an accountant, this one has some useful links, and some more accountant advice can be found in this one.
Alternatively, you can always reach out to a MYOB Certified Accountant for advice, and some other community forum members may have ideas for you as well.
