I expect soon to have to take over as Treasurer for a local voluntary organisation. We have income streams from Donations, Fundraising, Memberships etc and the usual running costs but we do have a couple of trading activities - selling souvenirs to visitors and bar income. These activities are kept separate from each other but at the year-end the net profit is added to our non-trading income. The governing committee receive monthly P&L reports against budget on all of these activities, and a Balance Sheet.
Will QuickFile meet our needs and if so will I need a Power User subscription.
We have quite a few charitable organisations managing their accounts on QuickFile. You can segregate the different income streams by using different nominal codes, or you can tag income to different projects. I would generally suggest the former option, it’s a little easier to manage.
If you search for the term “Charity” on this forum you can find many related discussion about managing charity accounts and other specifics that affect charities.
A Power User Subscription (£45 per annum) isn’t required at this time, although it does provide quite a few enhanced features. By the end of 2015 it will however be required for Large and Extra Large accounts. More details here.
“Large” isn’t as large as you think. We issue a bi monthly newsletter and between advertisers, subscriptions, supply to clubs that sell it and a handful of direct sales we easily fall into the Large catetory.
Indeed, I’m already into Large after the first four months of my shop, with five “sales invoices” and half a dozen or so purchases per week. The number of ledger entries adds up - for me each sales invoice involves six (credit general sales/debit debtors control, then credit DC/debit cash and credit DC/debit card payments merchant account), each purchase at least four (credit creditors control/debit purchases, credit bank/debit CC), and each daily payment from our card provider or cash deposit at the bank another two. That makes 80+ per week, so it doesn’t take long to hit the “large” threshold of 1000 entries.
Thank you Ian and FolkLondon.
I will keep an eye on the activity through the accounts but forewarned is forearmed so if I do have to take over as treasurer an annual payment won’t come as too much of a surprise.