How to close a financial year & how to keep 'earmarked' funds

[Maf. King]

Copying to list...

On Thursday, 25 May 2017 16:33:39 BST you wrote:
> Maf thanks so much!!!  Helpful certainly.  But I don’t understand IIRC, YMMV
> and HTH.

Mostly internet abbreviations.
If I Recall Correctly
Your Mileage Might Vary
Hope That Helps

> 
> How is it possible to keep the same file moving from one year to the next in
> the same file?  How can I turn over the accounts for one year only to an
> accountant?  How can you compare side by side if everything is in the same
> file?

My accountant doesn't want to see my GC file, he wants reports that give the 
profit & loss figures, balance sheet, account totals etc.  I do also do a full 
transaction report, but he doesn't do any data entry / editing, just the 
incorporating into the standard format for submission to the government.  Your 
auditing needs may of course be different. 

You can set the date range (or effective date for balance sheet / account 
summary etc) for pretty much any of the reports.  So you just run the report 
for say 2016 or may-august 2015 or whatever.  I find the transaction report to 
be surprisingly useful as a start point for many things.

There is also a multi-column report - which is a "container" for any other 
reports - so you can have say 3 balance sheets side-by-side, or run income 
year to date  subtotalled by month next to the same thing for last year, for 
example.

Maf.


> > On 25 May 2017, at 6:28 PM, Maf. King <maf at chilwell.net> wrote:
> > 
> > On Thursday, 25 May 2017 16:05:27 BST Anita Graves wrote:
> >> I would very much like to know how these funds should be entered in the
> >> accounts.  You take money from the asset accounts (checking or cash) and
> >> put it in special ‘earmarked’ expense subaccounts, then draw the funds
> >> toward zero as they are spent, and the balances go forward from year to
> >> year, if that is the case.
> > 
> > Hi Anita,
> > 
> > I would record the earmarked contributions carried forward as Asset
> > accounts, not expense accounts.
> > 
> > IIRC, you have one bank account, but you have "imaginary" bank accounts to
> > restrict the funds within that bank account
> > 
> > I would have
> > Assets:Bank:Unrestricted
> > Assets:Bank:Restricted:National
> > Assets:Bank:Restricted:BuildingRepair
> > and so on.
> > 
> > In the chart of accoutns, you will be able to see the overall bank
> > balance,
> > and each register will show you how much is earmarked for repairs etc.
> > 
> > When you reconcile, check the box to "include sub-acccounts"
> > 
> > Donations are Income:Donation:MoreBreakdownIfYouNeedIt ->
> > Asset:Bank:Wherever
> > 
> > The only glitch is if you have a donor giving to 2 restricted funds at
> > once - it won't be clear in the reconcile dialogue box; it will show as 2
> > transactions that reconcile at the same time. (ie you tick one and the
> > 2nd is ticked automatically)
> > 
> > As you spend the restrictions, then you transfer from Asset:Bank:<x> to
> > Expenses:<y>
> > 
> > And I personally would not use new files year to year.  the reports can
> > handle the periods just fine - and it can be useful to compare 2 periods
> > side-by-side; you can't do that within GC if the data is split into
> > different files.
> > 
> > As ever, subject to local laws, customs & practices, which is beyond my
> > ken. YMMV etc.
> > 
> > HTH,
> > Maf.


-- 
Maf. King
PGP Key fingerprint = 8D68 A91F 733B 2C1F 43B7  2B7C E591 E8E1 0DE7 C542


-----------------------------------------
-- 
Maf. King
PGP Key fingerprint = 8D68 A91F 733B 2C1F 43B7  2B7C E591 E8E1 0DE7 C542