Boy Scouts - crediting fundraisers to individual scouts

MLScout

We're trying to set up our Boy Scout troop accounting on Wave. We have a fundraising situation where some of the scouts do services for people and they write a check to the troop. We need to account for this separately for each scout, as that scout's earnings may help pay for his summer camp fees. It's kind of like sub accounts in the main troop's checking account.

So, I think I think we need to create a separate account for each scout. I initially created an asset account, but then realized that this actually should be a liability account. I was trying to figure out the liability type. My best guess is that I should create these under "Customer Prepayments and Customer Credits." Does that make sense?

AccountsPro

@MLScout - Yes, that account allocation makes perfect sense.

You are going to pay out towards the scouts expenses based on what they were paid for the services. It is not an earning, its money you are holding on their behalf.

This means that you owe the service fees that were collected on behalf of the scouts to them ... and the agreement is that you pay it out toward their summer camp fees when the summer camp fees become due.

At that point only does the payment towards summer camp fees become income.

Does that help?