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Thank you for your response..

I have a follow up question and comment. My accountant does not think the activity should be a liability and should not be listed on the Balance Sheet side. Below is the accountant comment as to how the transaction should be done: "The accounts will appear somewhere on the Income Statement*, where d...

Thank you Neil..

Thank you for your response. The money collected is not part of the Churh's budget. The Church holds the money for each member and keeps track of each member's amount until the total money is received for the event. Once all the money is collected, the chuch then pay the appropriate people for the e...

We collect money from members for Youth trips or seminars that each person for the activity . How should the funds be recorded on account side (chart of accounts)?