Hi,
I am a new bookkeeper for an Academy.
This school has no bookkeeper from last year end til now. When I took over this job, I really had a hard time to solve some problems such as deposit on bank statements.
Here is the situation. My employer collect the tuition revenue, supplies revenue, after school revenue and registration fee...etc. from the parents, but he only gave the parents a hand writing receipt on a receipt book (including duplicate paper, one is for parent and he keeps another one). Then he will deposit all the cheques into the bank randomly without any record that shows how many cheque he deposit and any detail about the cheques. He deposited the cheques once he thinks the amount is large enough to be deposited, so the bank statement will show a lump sum amount for all the cheques that he deposit on the day he deposited. However, he did not have any record to show what cheques he deposited to the bank. The only resources I have are the receipt book and a excel spreadsheet that shows how many students we have now and what their fees are. Therefore, I know how much revenue do we earn from every students (from the excel spreadsheet), and I know when they made payments (from the receipt book, but it is going to be very time consuming to track for every students.)
here comes a question. Every parents paid on the different time and the amount is different for every parents because we have 2% discount if they paid in full and 3% discount if they have brothers or sisters. When I am doing bookkeeping for the school, I cant tell who made a payments to us based on the lump sum deposit amount from the bank statement. In our bank statement, we have too many deposits, so it is hard for me to track the payments based on receipt book. Especially, my employer asks me to separate the payments for every students. I can record all the payments separately from every student based on the receipt books, but the amount is not going to match the deposit amount on the bank statements because I dont have the detail of the deposits (there is no deposit book).
0) How can I reconcile the deposit amount on the bank statement to the accounting software?
1) What is the proper procedure to do the bookkeeping in this situation? I dont have lots of bookkeeping experience before.
2) Should I record revenue based on the spreadsheet and then enter payments based on the receipt book? in this way, it is going to be hard for me to reconcile the amount with the bank statement.
3) or Can I just record all the entries based on the deposit amounts on the bank statements? then make journal entry to separate the revenues. in this way, I am not able to separate the revenue to different students.
4) One more question, My employer's children do not pay the tuition. How can I do the bookkeeping for his children?? Should I set up a discount account (100%) for his children??
please help me with these questions. Thank you
Today is Apr. 20th, 2015. I have to do the bookkeeping from last year end which is Jun 30th, 2014 to Apr. 20th, 2015.
Yen