I work for a restaurant we took in a lrg amt of money for a charity event in our co. to what account do I post
This is a charity started by the restaurant owner, which is the reason we took in the money ourselves, and we plan to host at least one charity event annually. currently a large portion of the money is listed as a credit in a “charity” account set up by my predecessor, and a small portion is listed as a credit to the retail account (normally we use this account for the sale of coffee mugs and other things with our logo) it seems to me that all the money should be put into the retail account and paid back out-to the charity we hosted the event for- by a debit to the charity account. Or should I set up a “charity in” (credit) account and a seperate “charity out” (debit) account?
An entirely different entity should be set up for the charity (401c corp). All proceeds should be booked to the charity and then the charity should pay the restaurant for the cost of the dinner out of its accounts.
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