I am studying non profit organisation bookkeeping and I wonder if anyone could advise me.
I need to do an income and expenditure account, however I think the information has confused me a little. The layout is:
Bank Deposit Bank Current Cash (I take this to all be on the balance sheet)
Income 250 10500
Question: Although the 250 is in the deposit account to I still show this on the income of the income and expenditure? I believe I do however I think the layout has just confused me.
In the expenses there is a second hand trailor like a normal organisation would I move this to the Balance sheet?
I am not sure if I am understanding you correctly..... the best way to think about it is, for now, to ignore that it is a non-profit organisation and just think of your income and expenditure (I&E) account as your profit and loss, then work things the way you would normally do. So your Cash/Bank (including bank deposit) would sit in your Assets and Liabilities (Balance Sheet). The income that partially created the Bank balances would be included in your I&E and you could just call it Income or be more specific eg Subscriptions (say if it was a Club) or something along those lines.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
