club_cafe: A wash expense??
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club_cafe: A wash expense?? >>Situation: NAIC club member dues were due. Two members were absent, and forgot to forward their checks to the meeting. The club covered this expense for them, and they have since paid the club back. >>Where do these transactions go? Do I debit, then credit, the amount as a fee to the member's account? Or do I debit, then credit, expense? >>I'm concerned about not messing up the taxes or the member's accounts. Lynn, You can handle the late member payments the same way you handled the timely ones. If the timely ones were entered as deposits, enter the late ones as deposits. If the timely ones were entered as fees, enter the late ones as fees. If you go the "deposit" route, the late payments may yield fewer or more units (if a different valuation date is used). A word of caution. I'm not 100% sure about everything here as I haven't actually run a test case, but that's the way the accounting should be handled. Ira Smilovitz |
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