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starting up a new non-profit that is a private company limited by guarantee

grysmithgrysmith Member Posts: 1

My company is not limited by stock value, and thus doesn't have Equity per se. Since account names are arbitrary in Wave, I have classified a liability as Member Contributions, and another as member Capital. I have placed these in 3500 and 3600 accounts respectively. When I donate money to the Company. I am really adding capitol, so do I put it in the Member Capitol account?

in Accounting Technical Support

Comments

  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 177 ✭✭✭

    Donations aren't capital but income, so should be entered as such - I suggest you create a heading under income for Donations.

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