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.
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:
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:
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!