Creating liability for separate funds
Operating a not-for profit and will take deposits and make payments to members for a specific purpose in addition to everyday business - a section within the club if you like. How do I recognise that...
Forum Discussion
You can create a separate liability account within your accounting system specifically for the funds designated for that section (like a sports section).
This way, you can track it separately without needing to make journal entries each month.
Hope! this will be helpful.
