A bit new at this. My daughter is an international sports person. I’m trying to use this to run her sport a bit like a business - to keep track of expenses and income from sponsorship/advertising. I have couple of questions.
If we purchase something for her for training, and once it arrives we record it in inventory (eg shotgun shells or targets) what do we do to take it out of inventory as she uses it?
Secondly - she has two accounts. One is the registered account with the government dept for receiving donations. The other is her operating account.
When we move money from one account to the other, what is the correct way of recording it moving out of her donation account, and into her operating account?
Moving money between accounts is different to paying an invoice or being paid for an invoice obviously.
Also, we pay for quite a number of her expenses out of our own pocket. What is the best way to track those? Do we use expense claims, but not pay our selves out of the operating account?