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Blacker9999


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Folks,
I have a new client that has 1 bank account, but 3 separate account within for recording purposes.
Example-
They are a community group with 1 Main Bank Account named
Main Account say with 3000

They have 3 separate funders
CRC = 1000
IFI = 1000
BCC = 1000

What would be the best way of accounting for the account.


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Blacker9999


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Sorri Should have added,
When a transaction occurs it it taken from the main account but registered against the funder.
Example

Main acc = £3000

CRC = £1000
IFI =£1000
BCC = £1000

Spend 500 pound of IFI money.
Now looks like this

Main Acc = £2500

CRC = £1000
IFI = £500
BCC = £1000

Hope this helps,trying to work out how to record this?

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RobH


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Hi Ronnie,

are you using a computerised accounting software? If Sage, maybe you could use the departments within it. I've not had a lot of experience in that myself but I'm sure one of teh Sage experts could put you right.

Rob

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Rhianrach


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Hi Rob, it's something we have touched on in conjunction with cost centres but not something I've ever done practically, it will be interesting if someone can explain, I shall be watching this thread.

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Davey


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Hello Ronnie as Rob says you could use the Departments if using Sage.

N/C
CRC IFI BCC      Advertising

Balance Main Bank    3000       1000 1000 1000


Expenses

Advertising                                      500                 500



Closing Balance            2500    1000  500   1000


Extend the payments into the relevant Funders in the Cash Book and extend
in to the correct nominal codes if using a manual system. Make Sure all the cross
casts agree.

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David
Davey


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Sorry i cannot get the headings in the correct place please move them across
i hope this helps in some way.

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David
semsley


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If using Sage definitely use departments - one for each funder, you can then run reports for each funder showing its income and expenditure.  Using bank accounts if on a computerised system you would find it difficult to report.

Quickbooks is good for funded projects (I know I hate it but.... it has its place).  There you use Classes for the funders and the reporting is really, really good.

With manual I would use a separate book for each project.

-- Edited by semsley on Tuesday 4th of May 2010 05:40:31 PM

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Blacker9999


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Main Account    CRC  IFI  BCC  
DateDescriptionLodgedW/DrawBalLodgedW/DrawBalLodgedW/DrawBalLodgedW/DrawBal
1-SepBal C/f  3000  1000  1000  1000
5-SepAdvertising 5002500 500500      
              

Thinking of sommething like this that i think Davey is showing.
Thoughts please.

Cheers Ronnie



-- Edited by Blacker9999 on Wednesday 5th of May 2010 09:25:09 AM

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Davey


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Hello Ronnie. I like the layout you have designed you can extend your columns
past the BCC. You can set up a nominal codes for any expenses you like
Advertising, Rent & Rates, Insurance. Stationery, Heat & Light, Vehicle Expenses,
ect, ect. and cross cast your analysis columns to the total balance.

Best Wishes.

David.


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David
semsley


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My thoughts would be the difficulty in reporting the income/expenditure for each project. I suppose though (if using excel) you could filter the description column and then transfer the totals for each income/expense for each project to another workbook or worksheet.

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Peasie


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semsley wrote:

My thoughts would be the difficulty in reporting the income/expenditure for each project. I suppose though (if using excel) you could filter the description column and then transfer the totals for each income/expense for each project to another workbook or worksheet.


Or use my personal favourite Excel formula - SUMIF .

 



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Blacker9999


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Ok Thanks people,i'll let you know how i get on.

Cheers for now
Ronnie

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