Thank You! So this month we did a Qdoba fundraiser. If we were told we made $300 - but they cut a check to the level above us who then deposits it and cuts us a check (they have the charitable status- we are a sub entity). Between now and when I deposit the check I can put $300 on a line called Contribution Receivable?[/quote]
Yes. Hopefully this doesn't get too nerdy, but doing it this way is how you do it under an accrual basis of accounting. There are a lot of small entities that operate purely on the cash basis of accounting where you only recognize transactions when cash changes hands. Accrual accounting is how the majority of companies operate because items got recorded when they happen, which is frequently different than when they're paid for. However, it is more complex so small entities sometimes choose to operate on a cash basis.

The way I tracked it to help remind me was to have a budget column next to the actual column.

In the budget column I could record things such as expected income from each category including fundraisers, as well as expected expenses.. this would give me a visual of how the year is playing out and what is to come in the future..

In addition it would show me where we over/under spent or received more or less income for future planning.

Something like this.

see attachment

This would suggest that we have received our membership fees and are $100 above expected. It would indicate that we expect to receive $500 from fundraising but haven't received it yet..

You'd have the same for expenses..

Hope this helps..

I would think that you would need a written statement with a specific dollar amount for a commitment.

After receiving the commitment, you could record a Contribution Receiveable. However, if it was for $300, I can't imagine why you would make an entry for such a small amount.[/quote]
Because that’s 25% of the target bank balance. We need to spend about 70% of the target balance between June and August on annual expenses. So, I need line of sight if I have to make the kids make nachos again or if we’re covered with current fundraising (nachos is at the concession stand -Qdoba did not let us make nachos). I also need to make sure the check actually gets cut and delivered to us and not forgotten- since the kids did the work. And the treasurer we have is really bright and I think would actually dig learning some of this stuff. So I’m going to learn more to show her. Heck, I might even take a class.

That and I’m a crazy stay at home mom who used to do product management for a tech company and is now going to kick ass on my $1,200 club account.

This really helps! I think I’ve always worked for companies that did accrual and this is cash.

I will keep doing my reports on cash as requested- but for my planning will use accrual or at least keep those lines under my cash accounting sheet. I don’t like not seeing the full picture in one look. And with three people sharing responsibility and collecting money I just think it will make it harder to miss something.