How to record and expense a grant in goods form through Reckon Hosted

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Rachel_10685653
Rachel_10685653 Member Posts: 14 ✭
edited June 2020 in Accounts Hosted
We are a NFP organisation where we help feed the homeless and the elderly, we received a grant from a  Food Services worth $10,000  where each month we order and receive goods from the company that lessen this amount. How do I record it and how do I reduce/expense the amount each time we receive the goods? Thank you so much for any help.

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  • Charley
    Charley Member Posts: 542 ✭✭✭
    edited June 2020
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    Create a Class called "Food Services" or whatever and the income goes to that class and all expenses again to that class; that way you can pick up a P&L by class to show you where you are.


    Any unspent grant funds at EOFY then should be journaled up to the balance sheet as an other current liability called "Unexpended Grant" and then reversed on 1/7/20
  • Rachel_10685653
    Rachel_10685653 Member Posts: 14 ✭
    edited June 2020
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    Thank you Charley, where would I create a Class, under Banking or Customers? I'm new using this software so not really sure which category :)
  • Charley
    Charley Member Posts: 542 ✭✭✭
    edited June 2020
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    On the Navigation Bar you should have 'File' 'Edit' 'View' 'Lists" etc. Go to Lists>Class List and create new class but you first might have to go into Preferences>Accounting>Company Tab and tick the box 'Use Class Tracking'

    Having done that you will need to Class all your transactions and break them down into Admin-Grant1-Grant2 etc etc so everything is classed.

    If you have trouble you can call me on 02 66834083

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