Accounting For Deposits

There are three types of deposits::

Deposit To Member Account

The example on the left shows a deposit to a member account.

This is how you should handle any funds received from a group member, regardless of whether the purpose is to pay for past expenses or to add to their account to cover future expenses.

The Transaction Date is the date you received this payment from the individual.

The Deposit Date is when you expect to deposit this payment in your group bank account.

Credit Group Account should be set to the bank account to which you plan to deposit this payment.

This payment will also credit this member's account, which you select under Credit To Person.

If you are doing fund accounting, you should also select the Credit Fund whose balance will be increased by the amount of this deposit.


Deposit To Group Account

Sometimes your group will receive funds from an outside source, like a donation.

When these funds are deposited, they should only credit the group account, not any individual members.

As shown at right, use a Deposit To Group Account transaction to record this deposit.


Deposit To Group Account From Fundraiser

When you receive funds from a fundraiser, those deposits should be posted both to your group checking account and to the fundraising event.

Use the Deposit To Group Account From Event transaction type to record this deposit, as shown at left.