I have been following different advice on how to log the grants we receive, we are a CIC and offer training courses and family activity days out. from the grants, we pay a member of staff for each project, food, trainer, office equipment, consumables, room hire etc. I have been stuck with how I go about this. one thread said to create bank accounts for each grant received and set the awarding body as a new client and put each purchase as the awarding body but write where it actually came from on the purchasing slip. Other threads have said to create nominal codes and projects (couldn’t tag a wage on a project thought) instead but when I did that I couldn’t tag a wage out of that grant. which is the correct way? I will delete it and start again.
our other funding comes from commison work with the local council.
Keep it simple, from the bank where you received a grant, tag it to grant income (create a new income code for the grant if you don’t have it). Book expenses as normal. You can tag expenses for projects if you like to have project-based reporting. End of year see if whole grant is to be counted for as income for the period or not, if not do adjusting journal to reflect so
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