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Join nowHello wonderful forum,
I'v wanted to ask this for awhile.
We are a church as such we receive donations for a specific reason.
example: In total we received 2,000.00 for food pantry. We spent 1,500.00 on food. When I run a report, it looks like this:
Ministrys:
Food Pantry
Food Pantry Income: -2,000.00
Food Pantry Expense: 1,500.00
Total Food Pantry: -500.00
..
OK why is income minus and Expenses pluses. Please type it to me slowly.
Thank you in advance
David
Hello there, @David_H1. Hope you're doing fine today!
It's an accounting procedure where income will show as negative (-), and expense shows as positive (+).
When running a report, the income is reported with their natural sign as a negative, which indicates a credit. While, the expenses are reported with their natural sign as unsigned (positive), which indicates a debit.
The amounts of accounts with normal debit balances (assets, expenses, and losses) and all increases to these accounts as positive amounts. And, the amounts of accounts with normal credit balances (liabilities, equities, revenues, and gains) and all increases to these accounts as negative (-) amounts.
Still, I'd recommend reaching out to your accountant for further explanation. They can give the right amount of information and discuss it thoroughly. If you're looking for an accountant, you can find one in this article: Find an accountant or bookkeeper.
If you need more tips and details about personalizing report, you can check these articles:
If you have any other concerns or follow-questions with the reporting, please let me know. I'll be sure to get back to you as soon as I can.
Good day and thank you for your time
That is the same explanation the account said. Problem trying to explain this to the board, in a math brain it just doesn't figure.
banking: Balance
0.00
Deposit: 100.00 100.00
Debit: 10.00 90.00
The Board can clearly see we have money in the bank.
Donations: Balance
±0.00
Deposit: 100.00 -100.00
Debit: 10.00 -90.00
The Board can't clearly see we have money in the donations account.
Is there a better way to explain it?
Thank you
David
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