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Entering member contribution amount to Club.

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  • Entering member contribution amount to Club.

    We have a member who has contributed 1500.00 to our Boating Club. 1/2 of that amount will go to the local youth Sailing Association. How do i account for the entire deposit and then account for writing a check for 1/2 of the total amount?

    Thank you,

    SHYC

  • #2
    First, record the entire contribution, using whatever account or accounts you normally use to record "contributions". That would be the credit entry and the amount to the banking account would be a debit entry.

    Second,write a check to the Sailing Association for $750.

    Lorin Browning, Ph. D.
    Fellow -- National Tax Practice Institute
    lorin@lorinbrowning.com

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    • #3
      Hi Lorin,

      Thank you for the response. I was not sure on the check writing.

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