I am treasurer for a small non profit organisation. Every year we organise a meal which is paid for via the organisation. Attendees then reimburse the club later. However, the accounts show that there is net payment for UK Entertainment which is not correct. I would like to assign the reimbursements we receive from members against the same nominal account (UK Entertainment) so that they net off against each other and show the true position of zero payment in this category.
Is this possible? I can’t find a way. Can anyone help?
Philip Cooper
You can either open a new bank account , call it Dinner Account to record money in and out or create new income account call it dinner income and that should cancel out with dinner expenses under entertainment
I would suggest you use a balance sheet account rather than an income/expense account. I sounds as though the expenditure is not the organisations, but rather the members? In which case if you tag the outgoing amount for the meal to other debtors, for example, it will show up as money owed to the club, until all the members have reimbursed you.
From “Chart of Nominal Accounts” change the nominal ledger account the cog wheel “Allow this code to be used in sales invoices”. You will then have the overhead code for invoicing.
