Reconciling Money Accounts

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1

I’m just setting up money accounts. I gave everyone an entry for the first of the year titled Balance Brought Forward. I’m thinking what to enter for the troop account. Should it be the balance of our check book register, or should it be the balance of the check book register MINUS the sum of the scout accounts?

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2

No replies. Darn. I’m going to just have to make a guess and see what happens. I hate that.

3

What did you end up doing?

I’m thinking we are going to do our checking minus the balance of the kids accounts. It will be a bit of a struggle to keep it reconciled I think, but much better than the paper version - especially because the individual scouts can see their own account without us having to meet up / send them a copy.

4

The way I have been using it, the troop account is the checking minus scout accounts - thus the overall money accounts balance = checking. Think of the each money account is a bucket that makes up the total in your checking. I have buckets for camp fees, dues, etc. then when collected transfer to the troop account. This allows the troop account to be more of the amount available to spend. The downside is it takes a lot of extra transactions to keep it all in balance when charging out dues and camp fees. The other option is to not worry about it all balancing to the checkbook and track each account separately but then that fails the accounting principles. In my opinion, I like the accounting feature but it needs work to make it more compliant to the principles.

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5

Is there a way you could send a snap shot of what that looks like. I would like to add the dues, fees and expenses for each scout in the money book. Just not sure how to start. Help is appreciated.

6

I made a couplevideos for our finance person that help explain these steps. You can check them out and let me know if that helps answer your questions.

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7

@lorenmoench, I tried clicking on your link for the videos but it looks like they don’t exist anymore. Any chance you have an updated link? I’m struggling to get my mind around TroopTrack’s accounting features in a way that will make it easy to reconcile and understand how much the troop actually has to spend. Thanks!