I am trying to keep track of Boy Scout accounts. Here is what I need can anyone guide me the way I should set this up, please?
We have a main Troop account that contains all the money that makes up all the scout accounts, but I need to know what the balances are of each scout account to I know how much money each scout has earned. I need to be able to add money and deduct to/from each scout account. Additionally I will need to transfer from the main Troop Account or add money to redistribute to each scout account.
Currently I have created Cash Account for the Main Account and a Control Account that is setup as a liability and that is then linked to the Scout accounts that are also cash accounts, these make up the Scout’s individual account.
I would also like to be able to get a report that would allow me to print the Balances for all Scout Accounts, Individual Account statements showing credits and deductions, and Credits/Deductions from the the Main Account.
I know this is a lot in one post but I would love any guidance anyone could provide. Thank you in advance
Using a liability control account is wrong. The troop does not owe payments for anything to the scouts. The fact that the main troop cash account has contributions in it that actually belong to the scouts suggests setting up capital accounts for the scouts. Their contributions would be registered as contributions. Reports are already available.
The one thing that you haven’t told us - what happens to the money recorded in the scout accounts.
You use the term “how much money each scout has earned”. Does these earnings remain with the troop or is it repaid to the scouts, does the earnings represent contributions or income or are you just recording scout performances.
Until this is better understood, your situation as you have described it sounds similar to a bank where “deposits” are being held in the troop account and allocated to individual balances.
While I understand your logic these individual balances shouldn’t be setup as cash accounts because they are fictional cash accounts rather then reality.
Therefore, based on your description, I would suggest that you activate the Special Accounts tab under Customise. De-link the scout cash accounts assigned to the existing liability control account. Now re-assign the liability control account to Special Accounts instead of Cash Accounts - or recreate it if already deleted.
Under the Special Accounts tab create an account for each Scout, then go to each scouts “cash account” and re-assign the account to their special account. Finally delete the scout cash accounts.
The one thing that you haven’t told us - what happens to the money recorded in the scout accounts.
You use the term “how much money each scout has earned”. Does these earnings remain with the troop or is it repaid to the scouts, does the earnings represent contributions or income or are you just recording scout performances.
All Money earned, donated, or spent essentially belongs to the Troop. But the money is allocated to each scout independently. For Example Scouts work on a church project and the Church give the Troop $1000. The scouts that worked on that day earned money. Each Scout got $200. This money would be paid in to the Main Troop Account and then we would distribute the $200 to each scout’s account. It is important to know that Money can be spent from the Main Troop account ie for trailer repairs and each Scout’s Account. Scouts can use their money earned for campouts, t-shirts, etc. A Scout account can not go negative, this is managed by the Treasurer.
If you need more information please let me know. I want to set this thing up right and I can’t tell you how much I appreciate your insight and help. I’m not an accountant by any means. Again Thanks. I look forward to your reply.
OK, as a scout can re-draw on their earnings (campouts etc) use the Special Accounts set up as detailed above. This substitutes for the scout cash accounts but more correctly records the liabilities. Otherwise everything else looks good.
Just like you were doing with the “scout cash accounts” - don’t let the word Special impact you.
Lets assume your Custom Control account is called - Scouts Accounts
When the scout earnings are banked - Dr Bank and Cr Scouts Accounts + Scout Name.
When you Spend Money (campouts) - Cr Bank Dr Scouts Account + Scout Name.
Credits & Transfers in the same way - by using Scouts Accounts + Scout Name
When ever there is the involvement of money - always use Receive & Spend Money as Journals can’t be used for Cash Account transactions. Use the Journals for non-cash transaction - transfers.
So in your examples above, if you were making an actual payment for those camp fees to a third party use Cash Accounts. But if the troop was recovering camping fees paid in advance (attendees unknown at the time) then use the Journal.
As an aside, if you only have USD transaction then you don’t have to use Settings - Base Currency. If you set the Base Currency to “blank” then that would clean up all those USD references on the screens.
