Hi folks
Just looking for a wee bit of advice.
I am setting up an account for non-profit. We have a main Bank of Scotland current account.
I have 16 specific subtotals all my transactions go against. Some of them are in and out using the same names eg, Subs in, Subs Out.
Is it advisable to create a new account for each title? or what would be the best way?
I would need a trial balance at the end for charity association.
Thank you for any help. PS I have a csv with all transactions.
I would suggest creating custom nominal accounts (usually just referred to as “nominals”) within the Chart of Accounts. You will need separate accounts for sales and purchases.and one or two may be covered by the defaults. For example you talk about Subs In and Subs Out. For membership of your own organisation you will need a custom nominal, for organsiations that you subscribe to the existing “Subscriptions” will be fine.
Look at using the inventory function to simplify allocation to the correct nominal.
We are also a not for profilt and find QF excellent for managing the money across a dispursed team of volunteers.
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