Forum Discussion

W104624's avatar
W104624
3 months ago

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 portion of funds held in the bank account as a liability ie: not part of the club funds without having to create a journal at the end of every month? My analogy would be sports section within a working mens' or cosmopolitan club.

  • kahunroleh's avatar
    kahunroleh
    24 days ago

    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.

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.