we charge members a penalty for being late with payments.
If we put the penalty money in petty cash, doesn't that give
the late payer extra units in Bivio??  We don't want late
paying members to get  more units  than those members who
pay on time, so how should we account for the penalty money?

DO NOT use petty cash. Enter the penalty as a fee. This will increase the value of each unit, but will not award units to the penalized members.

 

Ira Smilovitz