I need some clarification on how to post restricted funds. Example: We receive restricted funds to reimburse for youth events from some parents. That money is released to pay the expense. The amount received is deducted from the total amount paid to offset the cost and reduce amount of budgeted money spent. Expense 500.00 - $300 reimbursement = $200 total spent for expense.
Please advise how to set up. I thought I had it correct but my total spent to date amount isn't reducing by released funds.
Please list the accounts that you set up for this restriction. For each account, please list what the close to account is. Also, please show the debit and credit postings that have been done for the income and expenses, to include the releasing of the restriction.
I need some clarification on how to post restricted funds. Example: We receive restricted funds to reimburse for youth events from some parents. That money is released to pay the expense. The amount received is deducted from the total amount paid to offset the cost and reduce amount of budgeted money spent. Expense 500.00 - $300 reimbursement = $200 total spent for expense. 