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Posted by pvh on November 11, 2006, 1:18 pm
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Hi Andrew,
Depends on who the cheque is made out to. If the cheque is made out to
the organization, can't you just hold on to the cheque until you forward
any cash received? That's what I would do. Now, if the cheque is made
out to you with the intention that you pay the charity, you deposit the
cheque and assign it to you cash collected for others account. When it
comes time to pay your charity the pledges you collected, you write one
cheque to them and then also include any cheques you received made
payable to the actual charity.
Peter V
Fall River, Nova Scotia
Andrew wrote:
> pvh wrote:
>> Andrew wrote:
>>
>>> One question - I HAVE been using classes as a means of excluding
>>> transactions in reports that don't affect me personally. For
>>> example, if I deposit cash in my checking account that I collected
>>> on behalf of a charity event, then write a check to the charity for
>>> the total sum of the charity deposits, I have a 'class' defined as
>>> 'charity' to exclude, since those transactions aren't really mine,
>>> and shouldn't be counted in reports such as cash flows, etc. I have
>>> many of these in fact. Different charities, hobbies, holding onto
>>> the money that kids collect for fundraisers, etc.
>> Hi Andrew,
>>
>> What I have done for this is set up an actual account, a liability
>> account, which functions as a clearing account. I have named it "Cash
>> Collected for Others" If, say, my mother gives me $20 to go to a
>> walkathon at my kids school, the entry is Dr. Cash $20; Cr. Cash
>> Collected for Others $20. When I forward all the cash collected to
>> the school (or whatever) Dr. Cash Collected for others; Cr. Cash.
>>
>> Peter V
>> Fall River, Nova Scotia
>
> Thanks Peter for the post. What do you do if the income you get is in the
> form of a check, however, and that goes into your checking account? I know
> one might consider setting up a separate checking account for that sort of
> thing, but that sounds pretty heavy handed. I think your idea works if all
> the transactions are in cash, but might present some challenges if one
> commingles checking accounts with this.
>
> --
> -------------------------------------------------------------
> Regards -
>
> - Andrew
>
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