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Post Info TOPIC: How do I deal with a grant receipt?
Jude


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How do I deal with a grant receipt?
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Good morning everyone (nearly the weekend now!) smile

One of my clients has applied for and successfully received a grant towards his website costs. The amount received was £500. How do I account for this money in the books? Do I put the amount to other income, or some other account? Not sure what I need to do. At the moment it's in suspense.

Any advice would be great.


Cheers.

Jude 



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Man66


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Hi Jude,

You need to set the grant against the website expenditure for which it was given e.g. computer/website costs.

Hope this helps.

Man



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Jude


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Thanks Man. I'm using Sage Line 50. Am I right in thinking that I just need to debit website costs and credit suspense in Sage to correct it.

Thanks

Jude

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Man66


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You have two options, you can either go into file-maintenance-corrections and then find the relevant transaction number and amend the nominal code to website costs. Or you can simply do a journal in the nominal ledger between the two accounts.

All the best.

Man



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Jude


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Thanks for your help Man.

Jude smile.gif

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