Hello everybody
I have a question that how to maintain accounts of educational trust? What registered should we mainrain?
1 Replies
Rajesh
(Service )
(7576 Points)
Replied 17 January 2013
Method of accounting for an education trust is cash system. You should accounted the expenses and Income when they are paid/ received so there are no journal entries. Receipt & payment account and Income & expenditure account are the final accounts (instead of Trading & Profit Loss account).
you should maintain :
Cash book
Ledger
Fees register
Salary Register
other register as per requirement.
Rajesh
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