How does this work when working as the head of a group project?

by Edward Morris
(Alhambra, CA. U.S.A.)

Everyone in this group project has their own role and I decided to take on a new role by putting myself in charge of keeping us rich. What tools and learning advice do i need to set up a mutual account journal? We work as one and as I mentioned, everyone else has a specific skill set, thus making me the only one with the availability to take care of the rest.



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Hi Edward!

I'm not sure what kind of group project you're working on, but if there is a business purpose, and money involved, there has to be some accounting.

What you need is a way to capture all the money received by the project and all the money disbursed by the project - in other words, you need a way to track your revenue and expenses.

If you don't want to learn an accounting software package, I suggest using a simple manual system of a Cash Receipts Journal (to track all cash received), a Cash Disbursements Journal (to track all cash spent), and a General Journal (to track any non-cash transactions).

These journals can be an Excel spreadsheet or a simple sheet of paper in a notebook.

From these journals, you can easily prepare a Profit & Loss Statement (aka Income Statement) for your group project each month or quarter.

I'm going to steer you to a couple pages on my site for more info on these journals:

www.small-business-accounting-info.com/cash-receipts-journal.html

www.small-business-accounting-info.com/cash-disbursements-journal.html


Or, if you'd like a more in depth look at these journals with an example to follow, from building the journals to posting transactions to preparing the Income Statement, check this out:

www.small-business-accounting-info.com/manual-accounting-system.html

I have a PDF e-book that goes thru the whole process with a follow-along example, and it's only $14.99. You'll find it available at the above web page.

If you have more specific questions, feel free to email me using my "contact me" page - it's on the navigation panel to the left of the screen.

Thanks for stopping by, Edward, and good luck with your project!

Kathy

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