Society Accounts

1

I have just started using Manager for a newly established society at my work place. Need help on the following

  1. How do I allocate membership fees into? As we understand, membership = income for the society. Do I allocate in such that each member is a ‘customer’ ? Do I allocate into Capital Accounts?

  2. How do i allocate cash borrowings from members? The club is new and we ‘loan’ some money from some willing members.

  3. The club organises some courses, charitable fund raising activities and sport activities for members. we use the club as a platform to manage funds. Are there special ways to allocate these?

Many thanks

2

If you are going to be sending the Member an invoice for their fees, yes you could create them as a customer.
Alternatively, if you just hand out a generic membership notice and they pay, just use Receive Money with the Account being the P&L Income Fees account

Create a BS Liability account called “Loans from Members” under Settings - Chart of Accounts and use that account in the Receive Money. All loans would be lumped together.

However, if you wanted to track the individual loans then you would first activate the “Special Accounts” tab under Customise below the Settings tab. Second, you would create the Loans from Members account but would also tick Custom Control and Made up of Special Accounts. Third, go to the Special Accounts tab and create an account for each member and for the Control Account use Loans from Members.

Now all loans will be grouped on the BS under one account but the details stored separately.
For the Receive Money the Account would be Loans from Members + Member account.

The best way would be to use “Tracking Codes”, then a mini P&L statement can be created for each activity