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Accounting for a Trust

 
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Accounting for a Trust
Schuaeb
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#2
01-29-2010, 07:24 AM
Dear helga,

I guess you have confused some simple concept or I have not got your questions.

Donations received in the form of cash. Simply
Cash a/c DR
Donations CR
This is quite similar to what you donations received in bank. I don't think that any account like Accumulated Charity Expense is required or used at all.

When trust members pay from their on pocket
Expense DR
Notes Payable CR

When reimbursement is made
Notes Payable DR
Bank CR

In the end notes payable gets balanced and bank is credited by the amount of expense incurred on charity.

Hopefully your question is answered.

Regards
Shoaib
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Messages In This Thread
Accounting for a Trust - by helga - 01-09-2010, 04:31 AM
[No subject] - by Schuaeb - 01-29-2010, 07:24 AM
[No subject] - by Dard - 01-29-2010, 07:39 PM

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