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Robert119's avatar
Robert119
User
3 years ago
Solved

Volunteer payments

Our club receives cash payments for entry on game days, we also have volunteers that we pay cash from those payments, how do we record the cash banked after volunteer payments were taken out before cash is banked?

  • Tracey_H's avatar
    Tracey_H
    3 years ago

    Hi Robert119 

     

    Thanks for your post. I used to use the undeposited funds account for this situation. I'd record a Receive Money transaction for the entry amounts with the Deposit to account the undeposited funds account and allocated to the applicable income account.

     

    For the payments made to volunteers I'd record a Spend Money transaction with the Pay from account the undeposited funds account and allocated to the applicable expense account. This ensures the income and expense are correctly allocated for reporting and provide an audit trail.

     

    Then in Prepare Bank Deposit tick those transactions and the total deposit amount should be the amount actually banked. You can then reconcile the bank deposit transaction with the bank deposit.

     

    If you're not sure about the best process for your situation I'd recommend checking with an accountant.

     

    Please let me know if you need further help.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

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  • Tracey_H's avatar
    Tracey_H
    Former Staff
    3 years ago

    Hi Robert119 

     

    Thanks for your post. I used to use the undeposited funds account for this situation. I'd record a Receive Money transaction for the entry amounts with the Deposit to account the undeposited funds account and allocated to the applicable income account.

     

    For the payments made to volunteers I'd record a Spend Money transaction with the Pay from account the undeposited funds account and allocated to the applicable expense account. This ensures the income and expense are correctly allocated for reporting and provide an audit trail.

     

    Then in Prepare Bank Deposit tick those transactions and the total deposit amount should be the amount actually banked. You can then reconcile the bank deposit transaction with the bank deposit.

     

    If you're not sure about the best process for your situation I'd recommend checking with an accountant.

     

    Please let me know if you need further help.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.