I’m no expert at all in finance, so please excuse any terminology errors or horrendous misuse of this wonderful package !
I run a not-for-profit Community Cinema. Every film we put on I incur a liability for a music license and I pay some months in arrears. I currently handle this by creating a cash account “PRS For Music”, and then creating an expenditure line each time with a separate account code “Licenses - PRS License” and with a tracking code indicating the show (e.g. “Cinderella”). The cash account obviously builds up a negative balance. But this approach means the cost shows up on the Income Expense report for the show (tracking code) thus allowing me to see profit/loss per show. All OK so far.
I’m now at the stage where I need to pay the bill. I can simply transfer the outstanding balance from our main bank account into the “PRS For Music” account - and all is OK. However, what I really want to do is to print out the line item report - much like a purchase order, giving the date of each transaction to present along with the cheque to show which films/dates I’m paying for.
Am I approaching this in the best way ? Is there a better way I can do this ?