Marketing Co-op Activities
WhataGreatDay
Member Posts: 2
I run a marketing co-op. I collect funds from co-op members and spend as follows:
1. I send an invoice for $800 to 10 members (total $8,000) on February 1.
2. I receive payments from all 10 members ($8,000) on February 10.
3. I will spend this $8,000 over the next 3 months on various marketing activities.
4. On a monthly basis, I need to report to the co-op how much is spent and what's remaining.
5. At the end of 3 months I need to give back the money that remains (equally split between all 10 members (if $1,000 remains, each member gets $100))
Questions:
1. When I send the invoice and receive payment, all $8,000 looks like income to me, which is not the case.
2. How do I keep track of how much money co-op money I have spent and how much is left?
3. How do I return the leftover funds?
Thank you.