Collaborate on Blank Receipt Book for Non-profit Organizations with Ease Using airSlate SignNow

Blank receipt book for non-profit organizations

hi guys Chris here again from a different approach to ition limited and today we're going to be learning how to do receipts and payments accounts for nonprofit organizations all right before I get into the wig I just want to see a special shelter to my 24 subscribers hi guys thanks for following me for those of you who may be new here my approval of Konya put it to videos so far this is my food but I teach math accounts and odd math to see six students and I plan to upload content to cover all of those things and becoming well going forward right I'm not hoping I'm hoping not to stop alright so before I get into the actual teaching so Monday I uploaded a video that I covered a topic called incomplete records a very small piece of it but I found out the day after that incomplete records is no longer on decease excellence so that was my bad so today before I get into this topic what I want to do is I want to pull up the syllabus and show you guys where this topic is right so give me one sec alright here we go so this is the CSEC principles of accounts syllabus extract and as you can see so let me just make this a bit easier let's pull up the search bar nonprofit so next so as you can see it's highlighted here it says section nine all right the next occurrence of this is right this is a table of contents so it says section nine again so let's keep going right organizational syllabus right section two ing as a system so you basically have to appraise the accounting features advantages disadvantages that kind of stuff all right okay we're in section 9 now so we're gonna take a look and see what we have to do essential features nonprofits okay so you guys seeing whether that blue highlight is going ok so down here it says prepare recent payment accounts for nonprofit organizations preparation of receipts and payments accounts only right so that's the only aspect of this topic you have to know right it's also down there that's just some extra stuff right so nonprofit organizations ok cool right so no more matches so as you guys can see I've been through the whole syllabus as in most research one from the CSEC web CXC not all website please feel free to go there and download it it's a little tricky to find sometimes but maybe I'm just I'm just bad at searching sometimes I don't know right okay so if your thing I want to talk about is what well what is a non-profit organization as the name implies it's an entity that does not hold profit-making as its primary objective right there are some organizations that yes they do go after profit primarily but there are also some that that don't right they may just be we call them clubs right so for example there could be a cricket club in your area a football club maybe an all-fours club and these clubs don't really doing money by selling goods or services but the members P maybe membership fees rightly technical to them that you would find any syllabus and in textbooks is subscriptions okay so that was also a part of this topic the content I used to have to teach for nonprofits was receipts and payments accounts income and expenditure accounts bar trading accounts we also use the houses sometimes do control accounts and of course balance sheets and there's a bunch of terminology that you have to learn that goes with this particular topic okay now let me just minimize this and pull up the question right so the question I'm going to be working with today is marital charity group this is the January 2017 question now just to give you guys a brief idea about how often this particular topic comes on the exam so I have here my master pass people list of what I do is every time I got a pass people I basically update update this excel file to show in that particular year what what question what topic came in which question from questions one to five right as you know or maybe if you don't if you don't know from 2017 come forward the exam is just five compulsory questions prior to that you used to have two sections sections books questions one two three with three compulsory questions you had no choice but to do those questions questions for the sev one well there were four questions and you had to choose any two right so what I've done is I've done a bit of conditional formatting to show you guys by highlighting how often this topic came away so in 2016 15 and 14 Hakeem in question 5 6 & 6 respectively which means it was a choice question right in 2016 it was pretty detailed statement of affairs subscriptions account bar trading account so a lot of stuff to do there right in 2015 it was non profit was just subscriptions it was just interpretation let me tell you sure what that means right no but we'll get back to that now let's see where else at cable Paula went a bit too quickly then 2013 12 11 10 9 8 it did not come that's quite a few years 1 2 3 4 5 6 ok so there's a bit of a gap between 2007 and out of the year right so Cayman was 7 was 6 or 5 or 4 it's kept 2 or 3 came in 2002 para donar 2001 it came in 1999 I think it came in 90 that's yeah I didn't try this exe so maybe it did right I see I think made people so as you can see it did not come for quite a while and it hasn't come in in recent past I actually yeah and then in January well didn't come in John 10 in 19 I came in 2018 2017 alright skip 16 15 14 it came 13 Akeem skipped 12 Skippy Levin came in 2010 2009 and I only have up to 2007 with the January pass papers right so I'm just gonna minimize that window all right so as you can see it's not a topic that is tested too often but it does come when it does come you need to know how to do what you have to do so thankfully you don't have to know as much about this topic as you used to in the past okay so all we have to know how to do today is something called a receipts and payments account our receipts and payments account is just a fancy name for a cash book or a bank account that's bulletins right the v-system pms account as the name implies requires receipts and payments receipts are on the debit side payments are on the credit side right so inflows receipts all flows payments right now like I said I'm gonna use the miracle child the Jan 2017 question the facility teaching us how to do topic right so of course they're gonna be things inside of here that are not intended relevant to what we have to do so we're just going to pick out the applicable part right so miracle charity group is a non trading organization which provides temporary shelter for persons who have lost their homes okay on 3 September 2015 the 300 members of miracle charity group order the following artisan library so we have some assets and liabilities here all right bank overdrafts all right so nothing here about receipts and payments right so food stuff inventories an asset sheltered finishes an asset government grants Oh entity group as an asset as well shelter building assets 15 members with subsidies in arrears asset wait is away well that's a liability okay no we don't want to do a balance sheet we want to actually do a couple of pages down right during the yet ended 31st August 2016 marathon charity group recorded the following cash based activities ok purchased foodstuff received for subscriptions receive the rares receive government grants purchase new furniture added 10 rooms the building paid wages paid for painting of all rooms alright and you are to prepare our recent payments account for marital charity group with the ended 31st August 2016 ok so like I said it's a relatively simple exercise all you have to do is put all the receipts on this side all the payments on this side and balance it off ok now there is one item that is kind of missing from this set of information here sorry right which is the opening balance which we saw back up on the first page which was bar overdraft no an overdraft means that you spent more money than you had in the back and essentially what an overdraft really is it's a facility that you were reinterred with your banker where you are able to spend more money than you have in your bank account so you might be asking well how is that possible well remember part of how the bank makes its money is by lending people money and charging them interest right so any opportunity Bank has to make money it's going to do so right and as well within its right if it is a profit-making organization it's not a lot profit organization which is what we're studying today right so when we prearranged this facility with our bank and we go into overdraft we essentially oh the back way and that means how do we classify that therefore well that means that the bank is now technically well the over drop is a liability and liabilities have balances brought down on the credit side the balance brought down which is an overdraft is 13400 all right so we have that figure then next what do we do well let's go back to where we have the receipts and payments all right journey and it's the difference okay so purchases so purchases are payment not so so it's gonna go here so we can put food stuff other thing we have to put purchase because it was on the credit side they should know it's our payments can we pay for purchases all right received full subscriptions from 275 hours once a set received guess which side is going to go on the receipts I there you go so we're gonna put arm subscript Jones descriptions right - two - one five zero alright receive the rails from 1000rs basically that's where people did not pay their subscriptions on time and they need atleat right so Perez for subscriptions [Music] cool and I was eating 100k receive government grants right so let's go so government grants how much is that eighty three five five nine five next purchase new furniture so furniture goes on this side yeah sure all right so that's twelve four four five added ten rooms two buildings so this is where we basically paid to construct extra rooms so that's a payment right so what we can do you can put on building additions oops I spelt additions wrong goodnight okay so just very quickly if you have a not entirely sure what to put for the details for any particular transaction just put what they you've given you any question right if you could summarize it so it fits a little better that'd be great right but you don't always have to write it go with it okay so building addition so it was ten years on oops as eighty nine all right after nineteen thousand peewee so once this once it says Pete it's a payment right why is five right widgets forty five eight six five we have paid for painting of a room so painting rooms we have one six seven five okay I know all we have to do is balance this off and see what's going on so just let me just cheat over so here as about 2:30 there's about three hundred thirteen thousand across here we don't have that much that's about 265 now I'm not adding all that in my head by the way I can write but um what you're not seeing on screen is excel at the bottom it has a little of a little too tall okay so I know that my balance will be carried on from this side will be equals it to itself from the debit side minus T to top from the credit side alright so all we have to do now is bounce it off boom 49 380 all right balance brought down is equal to that scene for ninety three and zero okay so there you have it so yes for today's video went a bit longer than the other two but I did give a bit more details before so I'm hoping that those details you found valuable alright so I guess today we dealt with nonprofit organizations which are organizations that they don't have profit as they mean objective profit maximization okay and what we learned to do with them we're sorry for them sorry was prepare or construct the resistant payments account which essentially is a cash book or a bank account its Etsy account that shows all the influence receipts and outflows of cash or checks right we saw that there was an overdraft in this question which is started Marc account is basically a negative balance you would be back which means it's a liability I will be the balance will be brought down on the credit side okay we took the information from here any payments went on the credit side whoops alright any receipts went on the debit side and that was we balance it off and that was it right so that's basically all you have to know what counting wise for nonprofit organizations right of course I would encourage you to go and download the syllabus and take a reader to make sure that you've covered the topics and anything you haven't covered you should probably try to take a look at before it's too late ok anyhow guys so thank you for watching if you found this video helpful please give that like button it and if you want to subscribe to subscribe just very quickly when I gave her shelter safe thank you to mr. Kirwin Springer who has his own YouTube channel with a lot of great content he put it on his IG push his IG story for his students to check me out so I'm this very grateful for that so I hope I live up to the expectations and I plan to do so alright guys so once again thanks for watching and I hope to see the next video have a good one