How do I deal with “Trips” money? (Central Payment Schools only)
During Jan – March £350 is received from pupils parents for a trip to take place in May. Coded to G120 9331.
In Feb the coach firm was paid £100 deposit and the venue £150 deposit. Coded to G120 4331
(Figures exclude VAT).
The income and expenditure should reflect when the activity takes place which is the new year.
Entries required DR G120 9331 £350.00
CR IRIA £350.00
This reduces the income balance in the old year and when reversed increases new year income.
The spend also needs to move
Entries required DR PMIA £250.00
CR G120 4331 £250.00
This reduces old year spending and when reversed increases new year spending.