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FROM: Jim Bramer, Retired CPA-Auditor
RE: QB Scrip Store System UPTD: March 09, 2012
Features of the use of QuickBooks (TM) (QB) for a Scrip Store fund raising endeavor include:
The Scrip Store is a separate QB Company.
It is not essential to have a separate Scrip Store Bank account. Ask us about integrating it with the Ministry's set of books for Float purposes.
B.A.R, or the QB B)uyers A)ccount R)eceivable, includes the amount due from the Ministry as it buys Scrip, at cost, for internal operating expenses. Such purchases are booked within the Ministry's QB like Credit Card buying; the Ministry pays the Scrip Store monthly.
BUYER's residual account balances are placed in their respective QB Equity Account.
All Scrip purchases are placed in the Scrip Store inventory.
All Scrip sales flow through the QB Invoicing process whereby the QB Inventory item system automatically posts the product Sales and Cost of Sales within each BUYER's residual account. See the transaction report Sample found in 0733-07
The QB Income and Expense features provides the means to account for the assessments of the BUYERs and expenses covered -- see 0730-07 Sample.
Other Scrip (Store) links are 0101-02, 2013-07, 0139-07 and 5018-06.
The QB Scrip Samples below are within the context of our recommended Fund Accounting Method #1 found in "FAQ" (0601-06) on using QB for Ministry Fund Accounting.
Chart of Accounts 0730-07
Proof Report (Trial Balance) 0731-07
Inventory Item Listing 0732-07
Jones Residual Tranx Detail 0733-07
See probable week processing cycle below:
>>> The available existing $CRIP (remember.... this term represents the actual certificate that is equal to cash) inventory resides in an accordion file for each type of $CRIP.
>>> Monday through Friday BUYERs come into the Scrip Store and complete a Scrip Order Form (ask us for a sample) and obtain and pay for $CRIP. The BUYER receives the $CRIP and the form is stamped "Scrip Received". A receipt is given for all cash payments. A copy of the receipt is attached to the cash for future reference. All checks are endorsed/stamped as they are received.
>>> Such QB Sales 'during the week' are invoiced within QB no later than the following Monday. This process could be handled as QB Cash sales as this process automatically updates BUYER's Residual Account and the $CRIP Inventory records.
>>> All receipts are received against the BUYER's Acct Rec, or cash sales are deposited on a regular basis. The QB system prints out a deposit list of all checks at least each Friday.
>>> The first thing done on a Monday is to process "Scrip received" cash sales that have accumulated during the week, making sure that they are dated on the previous Friday or before.
>>> This is followed by a $CRIP physical Inventory. It is taken and reconciled to a QB memorized Inventory report. Unreconciled differences go to a "Inventory difference" QB Expense account.
>>> BUYERs leave orders and payments over the weekend in a secure place.
>>> Seldom does the present $CRIP Inventory cover all of the weekend orders.
>>> BUYER's Sales invoices are produced/printed awaiting newly ordered $CRIP Inventory below. Money received is handled like the above process.
>>> After production of all Sales Invoices are done, a QB Inventory report is produced showing at least what is needed to fill the sales orders. This QB inventory report shows what is needed to fill orders. These needs are added to what inventory you wish to have on hand ....... the result is what you need in order to produce a QB purchase order.
>>> The end result of this process adds to the QB $CRIP Inventory records and to the Acct Payable records as due the applicable Scrip group.. The Acct Payable bill needs to be entered and paid in order to accurately be reflected on the inventory report. The amount due the Scrip Group per the above Acct Payable set of records is paid to them as they automatically charge your Bank account; such figure is provided to the Bookkeeper.
>>> The $CRIP that arrives from the Scrip Group the next day or so is verified to the P.O. and placed within the $CRIP Inventory accordion file. Reference the above QB produced invoices and fill these BUYER orders from the contents within the accordion file.
>>> The BUYER comes in to the Scrip Store, picks up the $CRIP and signs the invoice stating that they received said listed $CRIP.
>>> And the weekly cycle begins all over again.
The Assessment (what BUYER's pay for
Scrip Store operating costs) process varies depending how it is equitably computed and
then charged to the respective QB BUYER's Equity Account.
Please Click here for more topics having to do with the use of "QuickBooks and Ministry Fund Accounting" on www.bcidot.org. The bulk of this Publication originated in May 1998.and was UPTD: March 09, 2012
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