How to I record receipt and spending of grant payments? These are grants towards employee salary costs for hosting govt funded internships.
thanks
Tom
Hi Tom,
Create a new income account called 'Grant Income', then record a Money Received transaction with the From Account set to 'Grant Income. Record spending of this income in the same way as for other spending: Money Paid Out allocated to an appropriate expense account.
Also, please check this approach with your accountant as I'm not an expert on this topic.
Regards,
