Donation to 2nd ngo through 1st ngo
This query is : Resolved
VINEET KUMAR SHARMA
(Querist)
17 January 2014
WHAT JOURNAL ENTRY WILL BE DONE IN 1st NGO IN THE FOLLOWING SITUATION.
DONOR---T/F FUND-----1stNGO ,FOR THE PURPOSE OF DIVERET FUND TO 2nd NGO , THEN 2ND NGO SEND UTILISATION CERTIFICATE TO 1st NGO with respect of expenses incurred.
WHAT SHOULD BE ENTRY DONE BY 1st NGO AND UNDER WHICH HEAD IN TALLY.
DONOR---T/F FUND-----1stNGO ,FOR THE PURPOSE OF DIVERET FUND TO 2nd NGO , THEN 2ND NGO SEND UTILISATION CERTIFICATE TO 1st NGO with respect of expenses incurred.
WHAT SHOULD BE ENTRY DONE BY 1st NGO AND UNDER WHICH HEAD IN TALLY.
Nikhil Kaushik
(Expert)
18 January 2014
Dear Vineet,
with regards to entry, you need to park it in a nominal account - you can name it as "Disbursement For Project".
With regards to classification, it has to form part of receipt and payments account and not required to be routed via Profit and Loss Account.
with regards to entry, you need to park it in a nominal account - you can name it as "Disbursement For Project".
With regards to classification, it has to form part of receipt and payments account and not required to be routed via Profit and Loss Account.
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