FrontAccounting forum — Accounting for nonprofit

Re: Accounting for nonprofit

2021-08-17T13:35:57Z

This is discussed before.

https://frontaccounting.com/punbb/viewtopic.php?id=338

Re: Accounting for nonprofit

2021-08-17T13:20:26Z

Ok!

And for my comprehension, I understand why debit my bank, because money is adding but why credit revenue account if it's gaining money?

Re: Accounting for nonprofit

2021-08-17T13:13:57Z

Basically members subscriptions is a revenue.. So when you enlist a donation and the member pays, you debit your bank account and credit your revenue account. This revenue account is dependent on your COA. In FA 5 Digit American COA its the 4xxx accounts..so you can choose any of them ..or you can add another i.e 4511 and Call it Membership Dues for example, and you credit this account.
Tell us what you did.
Good Luck
/Rafat

Re: Accounting for nonprofit

2021-08-17T11:27:04Z

I have a nonprofit organization. To be member of it, people need to pay annual subscription and become valid members.

Members can have reductions or free access to some services but the subscription is more like a donation.

Thanks for the chart.

Re: Accounting for nonprofit

2021-08-17T10:23:00Z

Please elaborate of what is an annual subscription of a new member entails.

Take a look at this. I find it helpful.

https://altruic.com/blog/a-sample-chart-of-accounts-for-nonprofit-organizations

Accounting for nonprofit

2021-08-16T17:57:36Z

Hi, I am a real n00b into Accounting, I was'nt in school since 25 years

I just want to know how to write an annual subscription for a new member of my nonprofit organization. I think I will debit my bank account, but what I should credit?

Thank you !