Can I create sub accounts under an account? In our bank we have all the scout accounts in the savings and general troop accounting in the checking account. I would like to have all the scout accounts under my savings account in Troop track just as it is in the actual bank. Otherwise I need to add up all the scout accounts to make sure they match the savings account balance.
Currently we don’t extend support for sub accounts. There are several options for you though. If you go to Manage > Money > All Money Accounts, you can see the total of all your money accounts at the top of that page and if you need to, just subtract the Primary account from that total. You can also print summary totals in CSV or PDF versions and do the same.
(Question to all of the community) Do other people run into this problem? How do you use your money accounts in conjunction with your actual bank accounts?
Well, without knowing how TT is intended for the money accounts to be set up, here is how our Troop is done.
We have a General Fund account which houses our ‘non-active’ money.
We have a ‘Bank Activity’ account which has the money coming in from the bank via deposit and to the different accounts, then from the accounts out from the bank, via checks. We don’t have a savings account.
We have accounts for each of the main budget items - income (SOR, popcorn, etc.) and expense (camping, awards, meetings, etc.). These are pre-populated from the General Fund with the budgeted amounts.
Then we have accounts for each of the scouts.
Sub accounts would be nice, easier to manage the main categories. Right now I pretty much have to do a csv export and do any analysis/sorting in Excel, one account at a time or the whole thing at once. You can do a Summary csv export to work with the account balances.
I know this isn’t accounting software but I think there are a few things that can be done to make life easier.
The Money Account Basics is a good page (and most of that info wasn’t there when I started using TT). My ‘without knowing’ comment was more philosophical - what kind of accounts to set up, how to budget, how to use Categories (or is it Tags?), how to balance, reconcile, etc. For example, I put a number in the description of the non-scout accounts - “1 General Fund”, “2 Bank Activity”, “3 Scout O Rama”, etc. so they would sort in the order I want to see them. It took more than a year for us to come up with the Bank Activity account. Sometimes I edit an entry and the corresponding entry also updates, sometimes it doesn’t. Tags (or is it Categories) used to be open text, now you have to create one before using it (and am I using them as intended?).
I think a process or white paper could be created to explain how the money accounts are intended to be used in addition to the Basics page.
Don’t get me wrong, I LOVE TroopTrack - we’d be back in the dark ages without it. I’d just like to see the strategy here.
We are getting ready to roll out the financials to the troop. We rolled out TT last year, and had great reviews!
I have been playing around with test transactions, and plan to roll it out shortly before the year begins.
Here are my plans for accounts-
1- Primary troop account- default account setup during initial set up. I put a fictions amount into this account. From this account, I transferred money to other “troop accounts” For example NYLT fund, equipment fund etc.
2- I created a few scout accounts. If a deposit is made to a scout account, I go directly to the scout account and process the “new transaction”. I do not put the money in the primary account first and transfer it to the scout account.
3- Outings- I plan to create a “troop account” for each outing. Once the account is created, I will create the outing event, and list that account in the “Money Account” of the event.
I am assuming if I take the balance from the Primary checking account and combine that number with the balance of the various scout accounts minus any outstanding checks, I should balance.
I have a question for you- can you please explain your bank activity account in bit more detail? I’m trying to understand. I am thinking that if we receive a deposit (e.g. a gift) it would go into the primary checking account.
I hope this makes sense. If not, please reply. My apologies for replying so late, I was at camp, and didn’t see this topic.
The Bank Activity account is there primarily to show activity that would
appear on the Bank statement. Deposits and checks would go through there
along with the related transactions (deposit coming in, then to the
appropriate account). This way I can make sure the actual bank activity is
reflected in TT. So money coming in from fundraising or activity payments
comes in to the Bank Activity account via bank deposit, then to the scout’s
account, then to the activity account. This way the scout gets to see the
record of the money that came in and where it went. It is extra
transactions but improves the visibility of what is happening. Another
benefit is after the entries for a transaction are in, the balance for the
Bank Activity account should be zero so I know all of the money is
accounted for. The overall number at the top of the screen should
represent your checking account balance.
We also created general accounts for activities. If you create an account
for each activity, soon you will have a ton of accounts that you will have
to wade through, most of which will eventually go inactive (unless you
delete them - that creates a different issue). We created a Camping
account for each year because that one gets very large and ends up with
multiple screen pages. My plan is to keep last year and the current year
for Camping, then the next year print out the old one and delete it.
I would set up the troop account with sub accounts for the income and expense accounts listed on the financial statement we use (so our current categories). Or maybe something that better tracks the flow of money.
On the user side, I’d set up household accounts with sub-accounts for each girl/leader (that’s who gets a money account in our troop). So the household account would show first, but then you could assign generally to household or to a specific girl, but the family could see one amount for their family.
@cpdyer [quote=“cpdyer, post:7, topic:1967”]
The Bank Activity account is there primarily to show activity that wouldappear on the Bank statement. Deposits and checks would go through therealong with the related transactions (deposit coming in, then to theappropriate account). This way I can make sure the actual bank activity isreflected in TT.
I’m also finally getting our Pack’s finances sorted out🙄 and moved over to TT. I thankfully found TT last fall after being completed disappointed with the BSA’s acquisition of Scoutbook and underwhelmed with its new Director! . . . but, I digress!
I’ve gotten a good framework setup for our money accounts in TT, but I’m still trying to get the final details just right. In particular, I’m concerned with maintaining accurate Scout Account balances while also ensuring our total money account balance reflects what’s in the bank. I’m struggling with reconciling all of our internal “virtual” transactions with the “real” ones on our bank statement.
In the above quote from your previous post, I’m intrigue with your use of a “Bank Activity” account in TT, but I’m curious how that works in practice. For instance, the vast majority of time when I collect money, I do so from several parents/sources at one time and then make a single bank deposit. With your “system” how would you record a similar transaction?
At a pack meeting, I receive the following:
• a check for $50 for Pugsly’s dues from Mrs. Addams;
• $25 cash for 1/2 of Michael C.'s dues from Dad*;
• $20 cash (partial payment) for 1/2 of Michael C.'s dues from Mom*;
• $10 check for a pack T-shirt for Luke S. from Darth Dad. (*By the way, Mom & Dad live separately.)
I would typically record all four transactions separately as deposits under each of the respective Scouts’ accounts, then, I’d list all of them on a single bank deposit ticket with a total deposit of $105.
Would you first record the $105 deposit under “Bank Activity” in TT, then transfer the individual amounts to each Scouts’ account inside of TT?
This is where the Bank Activity (BA) account helps. To start with, the BA account has a zero balance. I deposit $105 into the bank, so I record one deposit into the BA account (which now has a $105 balance). Then I do transfers into the individual accounts of the people who turned in money. Now the BA account should be zero so I know I moved the correct amount of money. For the mom/dad deposit, you can do those transfers separately and put in the description who turned in the money, assuming there is one account for Michael.
Then if you have a Dues account or a T-shirt account you transfer the money into those accounts from Pugsly, Michael and Luke’s accounts. (Another thing to consider - you can move $50 from each account to Dues for everyone in one group transaction then if Michael is short $5, his account will be -$5 if he started at zero. This shows you he owes money.)
I like to move the money from the BA account to the scout account to the budget (Dues, T-shirts, etc.) accounts. This allows the individuals to see a record of their money they turned in and see where it went. Reverse for checks - if someone gets reimbursed for food for an event, money transfers from the event account to the scout account, then to the BA account, then a check from the BA account. Its extra steps but it really helps to keep track of everything.
I reconcile the bank statement with the BA account. I have a paper log in a binder I keep with me for incoming deposits so I can record the money coming in and where it goes, and another log for transfers and checks. Then when I sit at my computer to enter what happened, I can use all the info from my logs.
I don’t carry around a laptop or tablet, and batteries don’t run out on paper, nor does it require wifi. And I can boot up and log in to my binder in about 5 seconds…
I do have my phone to look up balances if I need to, but I find it easier to jot things down when people start throwing money at me, and easier to make sure I have everything accounted for. Then from the comfort of my den with some nice music on in the background, I can make sure I have all of the entries correct. I don’t have to worry about fat-fingering (a technical term) my logs or accidentally deleting an entry. I also keep the logs as a record that gets stored with the annual financial records. They are basically my checkbook register plus are available for audit.
I also haven’t done receipts. People can see me write it down, and they will see the amount show up in their account later. And no one has asked for a receipt.
I really appreciate your explanation! Your assessment of it being “. . . easier to jot things down when people start throwing money at [you] . . .” is 100% correct! Looking back, I think trying to accurately record everything electronically, in real-time, has been my biggest stumbling block with finances😬. Fundamentally, I like the idea of going paperless, but, in practice, it’s never as easy as it sounds🙄. Your use of a single paper log and clever Bank Activity account in TT is definitely a simple solution I plan on using this fall😉!
-BTW, I have two logs I use, one for deposits (and related transfers) and the other for other transactions and checks. I suppose they could be combined but I found for me they seem to happen in spurts for each one (collecting money at one time or writing checks at another).
Your detailed account of the $105 receipt is much appreciated.
If the BA account is reconciled to $0 after the transfers to scout accounts, when do you make changes to the Primary Troop Account to show the amount deposited into the bank? Would the Primary Troop Account reflect the true bank balance?
Here is the short answer - The number in the upper left of the Money Accounts screen represents our checking account balance (when everything is reconciled) or the sum of checking/savings/etc. if you have other accounts.
Here is the long answer - The BA account represents money coming in and out and at the end of each set of transactions should be $0. Then we have our ‘budget’ accounts which represent income and expense categories shown in our budget report, and the scout accounts for each individual. This leaves our General Fund (GF) account which is the difference between the checking account balance and all of the other TT accounts. Add those all up and you get the Money Accounts balance (which should be the same as the checking account balance). Our GF account stays frozen during the year and all of the activity is in the other accounts.
The REALLY LONG answer -
If you are starting from scratch with everything at zero, I would first put money into the GF representing the balance of your bank account (or accounts - all of the accounts that have money represented in TT), then populate the scout accounts from the GF (if they should have money in them). Then at the start of each year with the budget accounts at $0, you can either pre-populate your budget accounts from the GF with the opposite of the budget for that year [If the budget for registration is to bring in $1000, then take $1000 out of your Registration account and put it in GF - if your budget for meetings is to spend $200, then put in $200 from GF] or leave them at zero. If you pre-populate, the balance will show how far away you are from your budget. If you leave them at zero, you will see the actuals for the year and can then compare them to your budget. I like pre-populate primarily so I can immediately see how much more we have to make or spend for each category.
At the end of the year, you would take the balance of the budget accounts (obviously not individual scout accounts) and make their balance $0 by transferring money to or from the GF.
At the beginning of the year, your GF will grow or shrink based on your budget (if you pre-populate), and at the end of the year it will grow or shrink based on your actuals (or the difference between budget and actuals). If you perform exactly to your budget, the amount in the GF will end where it started. If you decide during the year to make adjustments for unforeseen events, you can move money from your GF from or to wherever its needed, but this should probably be rare.
Changes to the scout accounts should have no affect on the GF (unless the account is closed and the balance if any would be moved to either the GF or a budget account) and should only affect budget accounts when they are paying for or being reimbursed for things.
Therefore, money coming in or going out via the BA account affects the Money Accounts total. Money moving around between accounts should not change this total. If it does, you might be doing something wrong. The balance in the GF represents reserves, the money outside of your budget. Hopefully its a positive amount…
@cpdyer et al, All of this information has been extremely helpful in getting our money book set up and I’ve got all our transactions, except dues under control now. Here is where I’m stuck…
My committee chair is asking me for a report of who owes dues. Since we have both a budget account (Dues) and individual scout accounts I’m not sure how to make this work. Originally I thought I would just do a bulk transaction debiting each scout account, then once their payment was received I would transfer from the BA account to the individual scout account but that won’t give me a tally against the budget account. If I transfer from the BA account to the Dues account that doesn’t credit the scout. And finally If I go BA>Dues>Scout that will zero out the Dues account.