I am the treasurer for our gymnastics team booster club. We manage an assessment account for each gymnasts. The gymnast makes deposits into the account, and the gym uses these funds to pay for competition expenses. In Manager, I have set up an Assessment Account Fund and a separate liability account for each gymnast. I’d like to know if it’s possible to generate a monthly account statement for each gymnast. I have been copying the account info and pasting it into an excel worksheet each month for each gymnast, and it’s quite time consuming. Also, I’m not sure if Ie even have it set up properly. It seems to work for me the way I’ve done it, but I’m not an accountant or even a bookkeeper. Any help is appreciated.
If your only purpose is to track unused contributions for each gymnast and whenever you pay for competition expenses you will allocate the expenses to the applicable gymnast or apportion the expenses to the gymnasts you can use Suppliers. You will need to set up each gymnast as a supplier and and when money is received or spent for a gymnast it can be allocated to Accounts Payable then select the name of the gymnast.
If you adopt this system it will not be suitable for reporting the financial performance of your club because cash received and spent for the gymnasts would be allocated directly to the gymnast accounts for the purpose of generating their monthly account statements.