How to do Project accounting with GC

[Manfred Jung]

Thanks this is very helpful.

We will probably just make these projects as liabilities as your 
bookkeeper does. I realized that we can still keep track of every 
expense and income this way for a project.
Kind regards
Manfred

Derrick Hudson wrote:
> "Manfred Jung" <mjung at ccm.org.za> wrote:
>
>   
>> We have the pleasure in our non profit organisation to do projects which 
>> have their own income and expenses like a conference.
>>
>> We would like to use GnuCash for all this. But I am not quite sure where 
>> to put the accounts.
>>     
>
> I have a similar situation myself.  My approach is to create a
> separate GnuCash file and set of accounts for the project.  This works
> particularly well for me because I don't track all of the books.  I
> then report the receipts and expenses of the project and any net
> balance (positive or negative) from this separate file.
>
>   
>> I can not put the conference account under income or expenses since 
>> these are really not moneys received or spend for our organisation. 
>> nevertheless these moneys travel in and out of our bank account.
>>     
>
> Right.  As I understand it, our bookkeeper simply has a liability
> account for the project and doesn't track the details.  (I track the
> details in my own records).  Funds received are debited (deposited) to
> the bank account and credited (increasing) the liabilty.  This is
> because the organization owes the project.  Expenses for the project
> are credited (withdrawn) from the bank account and debited
> (decreasing) the liability because when funds are paid, the org no
> longer owes it to the project.
>
>   
>> Where would one place a Suspense account in GnuCash. And how does one do 
>> income and expenses with a suspense account.
>>
>> Sorry if this question is just too simple. Please bear with me as this 
>> accounting thing is still very new to me.
>>     
>
> I recommend taking an introductory accounting class at a local
> community college.  It really helped me.
>
> -Derrick
>
>   

-- 
Manfred Jung
CCM-Services
Tel 011 976-4044
Fax 011 976-4042
email mjung at acadsa.co.za