[GNC] Bookkeeping for a club's charity account - use business features?

[Mike or Penny Novack]

On 8/27/2019 2:40 AM, Michael Hendry wrote:

> I had understood from a recent response from Mike Novack that using an accrual-basis system for cash-basis organisation would be wrong.
"Wrong" is the wrong term. I did not say that. I said that adjustments 
might have to be made (the books kept on accrual basis but the reports 
had to reflect cash basis). That calls for more than a little 
bookkeeping experience to do correctly.

Back to the suggestion of not posting invoices immediately, that would 
be correct for memberships/dues (which are not legally receivable) but 
you could post pledges (which are --once a pledge is made the person 
owes that amount to the organization). Not that I only know this true 
for the US.

The other thing mentioned, RESTRICTED donations (the donor has earmarked 
for a set purpose) introduces the need for more record keeping. The 
treasurer has to track when the organization has "earned" that donation 
<< the restriction removed because that amount has been spent for the 
designated purpose >>

Michael D Novack