We have generous suppliers and members of the club that donate money or grants to the club. The Chart of Accounts suggest that this should be assigned to the overheads (8200) but my perception of an overhead is that this is an expenditure not an income. Am I wrong or should I tag these donations to 8200? (NB A grant would have conditions applied to its use and is likely to be long-term)
8200 would be for outgoings not income.
4000-4999: Income
5000-9997: Cost of sales, expenses and overheads
There are a few posts about accounting for grants here:
How do I log a grant?
Incoming funds from a government grant
How do I record a grant from a company?
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