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FrontAccounting forum → Banking and General Ledger → Accounting for nonprofit
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 !
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
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.
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
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?
This is discussed before.
https://frontaccounting.com/punbb/viewtopic.php?id=338
FrontAccounting forum → Banking and General Ledger → Accounting for nonprofit
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