On 8/27/2019 2:40 AM, Michael Hendry wrote:
I had understood from a recent response from Mike Novack that using an
accrual-basis system for cash-basis organisation would be wrong.
"Wrong" is the wrong term. I did not say that. I said that adjustments
might have to be made (the books kept on accrual basis but the reports
had to reflect cash basis). That calls for more than a little
bookkeeping experience to do correctly.
Back to the suggestion of not posting invoices immediately, that would
be correct for memberships/dues (which are not legally receivable) but
you could post pledges (which are --once a pledge is made the person
owes that amount to the organization). Not that I only know this true
for the US.
The other thing mentioned, RESTRICTED donations (the donor has earmarked
for a set purpose) introduces the need for more record keeping. The
treasurer has to track when the organization has "earned" that donation
<< the restriction removed because that amount has been spent for the
designated purpose >>
Michael D Novack
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