Initial setup questions for a small non-profit membership startup (UK)
Jill Terry
jill at babrees.co.uk
Tue Jun 2 23:25:06 EDT 2015
It's simple, you don't spend the money - it's not yours to spend!! You
do it by good budgeting, just like anybody should with their own
finances, and you don't touch the money until it is released from
liability.
One thing of the first things I did when I became Treasurer was to set
up a savings account and make sure that the minimum amount in there
always covers the liabilities.
Jill
On 02/06/2015 18:14, Wm wrote:
> Tue, 26 May 2015 04:41:05 <5563EB51.3040105 at zen.co.uk> Jill Terry
>
>> I forgot to say that I treat them as a liability because if the CLUB
>> folds then they are refundable!
>
> How do you separate the banked money from the funds you might have to
> give back in case of failure?
>
> i.e. I like the liability split but if you (the CLUB) have spent the
> money (you need to buy or pay for a something) how are you going to
> honour the liability? Insurance would seem an expensive option given
> the possible liability, not spending the money until due and getting a
> bit of interest in the meanwhile would be clean. How do you do it?
>
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