Hi,

I am about to begin a new job, but do not have experience in project/fund accounting so I need a few answers.

Basically, the entity was set up with initial funding.

The recurrent expenditure will be met by members.


1) How do I record the initial receipt of cash to start the fund? I debit cash and credit which account?

2) Also when expenditures are made from this initial fund, I would have to credit cash and debit the appropriate expense or asset account.

3) The recurrent expenditure however is to be financed by the members of the fund. To record the liability, should I credit Contributions and Debit Accounts Receivable?

4) What is an appropriate software program for project/fund accounting?


Your assistance will be greatly appreciated!


Thanks, and kind regards,