[GNC] Dealing with discounts when not using Business Features

[Michael Hendry]

On 1 Jun 2023, at 02:50, Murugan Muruganandam <m.muruganandam at hotmail.com> wrote:

> 
> michael
> 
> for Bursary accounting purposes you can use the liability option
> 
> Bursary account funding from the donor
> Cr Liability: Bursary:Donor 1 : $1000
> Dr Assets: Bank : $ 1000
> Payment to student invoice
> Dr Assets: Bank : $125 (student pays)
> Cr Income: Fees: $375
> Dr Liability: Bursary: Donor 1: $250 (bursary pays)
> 
> 
> 
> Saludos Cordiales
> 
> Murugan

Thanks, Murugan.

Some years ago I set up a Liability Account for cash received specifically for bursaries but was advised by the accountant who examines our books prior to their submission to the Office of the Scottish Charity Regulator (“OSCR”) that this wasn’t acceptable under Scottish charity accounting rules - we should keep track of this cash separately from our books.

We don’t have any such restricted funds now, and meet the cost of bursaries along with general expenditure.

Our accountant does the examination of our books for a nominal sum, but I may have to impose this query on him to be sure of avoiding wasting his time when I submit our records for his approval.

Regards,

Michael