TWCL

[James Sawatsky]

So far off topic, I know. It's been 12 years since I last took an accounting class and I'm trying to create books for my dodgeball team. When it comes to team fees I know one credit will be an Account Payable to the league. what would be the balancing debit? An unpaid league fee revenue account? but, when it's paid I credit cash, debit the A/P then what? credit Unpaid fees and debit a league fee expense account? but that leaves the question on what I was debitting/creditting initially... As I signed people up for dodgeball I debited Accounts Receivable and creditted league fees. does the credit STAY in league fees balanced out by the eventual league fee expense?

to top it all off, i'm trying to do all this in excel. BRUTAL, I know.

Thanks guys!

-James

[ewomack]

You expect a bunch of comic artists to know accounting!??! GEEZ!!!!

Well, I don't know at least... anyone else?
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Ed Womack

[LukeSurl]

What is this 'money' thing you talk of?
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[Casual Notice]

Yyyrch...2-column accounting. It's like math but without any of the sense.

Okay, the fees owed to the league are an ACCOUNTS RECEIVABLE asset. Accounts payable are moneys owed by the league, and are a liability. The corresponding liability to the league fees would be unpaid fees.

Not all assets and liabilities have a necessary directly corresponding opposite entry.
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What I lack in sincerity, I make up for in sarcasm.
S*P*Q*R

[James Sawatsky]

ewomack wrote:

You expect a bunch of comic artists to know accounting!??! GEEZ!!!! Well, I don't know at least... anyone else?

I am always AMAZED by the breadth of knowledge displayed on this forum.

[indore10]

What about your balance sheet............

[jpcline]

Blasphemy!! There is always a corresponding opposite entry!

Code:

Debit Expense                  XX    Credit Accounts Payable         XX

Code:

Debit Accounts Receivable    XX    Credit Revenue              XX

So, you owe fees for the Dodgeball Team, it's like this:

Code:

DR Fees Expense    XX    CR Fees Payable    XX

And since the member of the teams owe you fees it's like this:

Code:

DR Fees Receivable   XX    CR Fee Revenue      XX

When people pay their fees you book:

Code:

DR Cash                   XX    CR Fees Receivable       XX

And when you pay the league you book this:

Code:

DR Fees Payable    XX    CR Cash            XX

The Revenue and expense net against each other to give you your profit, which in this case will be zero. The receivable/payable net against the cash as it goes in and out.


Also, this is an incredibly over simplified explanation. Collecting fees on behalf of the team isn't really revenue, you could call it "contributions" or something.

**Edit** also also, didn't realize how old this post was. You probably figured out your answer by now. Sorry!
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[vulpeslibertas]

jpcline wrote:

**Edit** also also, didn't realize how old this post was. You probably figured out your answer by now. Sorry!

Maybe he didn't. Somewhere out there, there's a cold dead webcomicker laying over an Accounts Receivable page.
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