NESFA’s accounting period is the month. You should always be in the accounting period for which the entry is being made or for which a task is being performed. Change the accounting period by selecting Tasks / System / Change Accounting Period.
Dates: The software often defaults to the system date. Make sure the date is the date of the transactions. Dates are set in the American format—mm/dd/year.
After entering and saving transactions, they should be posted. Select System from the Tasks menu. Select Post from the submenu. Chose to post All Journals.
Reference numbers are used to track transactions. We keep 2 separate lists of reference numbers.
General: These are of the form XXyyy, where XX is the NESFA fiscal year (1998-1999 is 32) and yyy is a sequence number starting from 001. These are used for all General Ledger entries, statement reconciliations, deposits.
Note
Invoice numbers generated by Sales have the same format and may overlap the Treasury reference numbers. The invoice numbers are in the Accounts Receivables journals and also show up when customers pay their bills. They do not get confused.
Credits: when books are returned for credits (usually Borders, Baker & Taylor, and Brodarts), each return package is assigned an invoice number of the form CRXXyy , where XX is the NESFA fiscal year (1998-1999 is 32) and yy is a sequence number started from 01. These are entered as sales with negative numbers sold and will appear as open invoices with negative totals. These credits can be used against accounts receivables.
If people want to do transactions via their advance accounts, make them write it down. It is very easy to lose track. Create a piece of paper for each transaction—NO EXCEPTIONS. File all the paper in sequential order.
Boskones each have a separate account and Treasurer. All Boskone income and expenses that pass through the NESFA Treasurer are posted to the Boskone asset account AS-Bxx where xx is the Boskone number. When requested, the NESFA Treasurer runs reports on the status of this account.
Starting with Boskone 37, the Boskone accounts have been moved back “on the books.” This means that the Boskone Treasurer must report income (enter as debits) and expenses (enter as credits) to AS-B37 on a monthly basis to the NESFA Treasurer. Boskone will still keep its own detailed books and they will continue to be part of the corporate records.
MCFI is a separate organization[1] with its own books, treasurer, etc. As a courtesy, NESFA processes MCFI charges through NESFA’s USTrust account. All MCFI income and expenses that pass through the NESFA Treasurer are posted to the MCFI asset account AS-MCFI. When funds are transferred to MCFI, 2.95% is retained by NESFA (this is the bank transaction fee) and a pro rata share of the interest is paid to MCFI.
NESFA’s Tax Identification Number (TIN) is 237-134-890.
The Peachtree software that we use for Treasury uses strict ASCII sort order. This means that a comes after Z (ABC…XYZabc…xyz).
Deposits are checks (this includes traveller’s cheques, and rarely cash) and charge slips. To enter deposits, select Receipts from the Tasks menu.
Note
Do not enter receipts into the system until the checks have actually be deposited and
a deposit slip received from the bank.
Create a deposit ticket; we use the form mmddyyB, mmddyyC, etc. where B, C, etc. allow multiple deposit slips for the same date[2]. For each set of deposits, create the next five-digit reference number where the first two digits are NESFA’s fiscal year (1998-1999 is 32). The deposit ticket number is the same for all checks on this slip.
The mail room notes on each check what the payment is for. A photocopy of each check is created by whoever is doing the depositing[3].
Usually checks are grouped by Accounts Receivable payments and other.
Accounts Receivable Checks: Each check has its own entry. Make sure that checks are posted against the payment method: Check and the correct bank account (currently, AS-Checking MWB).
The invoice noted on the check will have been entered by Sales. When you enter the Customer’s name, a list of open invoices will appear. Mark the invoices (and/or credits) paid from the list on the check and save.
Other Checks: If a batch of checks does not contain any Accounts Receivable payments, all the checks can be entered on the same entry.
Enter the number of items, items sold, etc. In most cases the General Ledger account will automatically be entered. The price is usually the 100% price. Hit the → key and the ↓ key to get the 60% price; hit the ↓ key again to get the 80% price. For some customers, the discount will be entered automatically[4]. You can also type in a price if necessary. Postage and handling is entered to account SI-Postage. If the check total is slightly off, use the postage and handling to take care of this.
Note
Some customers have both accounts receivables and prepayments. The open invoices come up automatically in Apply to Invoices mode. To change to prepayments, click the Apply to Revenues tab at the top of the page.
Only one charge ticket can be deposited for any day; this is a feature of dealing with USTrust—they combine all deposits in a single day. Create a deposit ticket; we use the form mmddyyA. For each set of deposits, create the next five-digit reference number where the first two digits are NESFA’s fiscal year (1998-1999 is 32).
All charges can be entered on the same entry. Make sure that charges are posted against the payment method: Charge and the correct bank account (currently, AS-USTrust).
Note
We almost never get payment for an invoice via a charge card.
From time to time money is transferred from the account where charges are accumulated to the checking account. Physically, a check is written on the charge account and deposited to the checking account. For records purposes the simplest way to record this is:
Deposit this check on its own slip—no other items deposited with it.
Generate a General Journal entry for the transaction.
Credit AS-USTrust
Debit AS-Checking MWB
This sounds backwards, but it is what the accounting system
calls for.
Paying
Bills
NESFA Checks are double-signature. Any two officers may sign them, but usually, it is the Treasurer and the President. For convenience in record keeping, we usually pay all bills from the MetroWest Bank checking account. Income from charges that are deposited into the USTRust account is transferred to MetroWest Bank from time to time.
Write the check number and date of payment on the bill. File the bill. If the Vendor does not supply a multi-part bill, make a photocopy for our records. Always make a copy of the form and the actual check when paying any governmental agency—especially for taxes.
Note
All tax payments should be sent Return Receipt Requested.
Entering checks is a two-step process because the software expects most of the checks to be set up and then printed by the computer. We don’t do this.
Select Purchases/Receive Inventory from the Tasks menu
Purchases: Enter the Vendor ID. For most regular vendors, this will also select the General Ledger account. If it is not a regular vendor, select an appropriate General Ledger account. Use the check number for Invoice Number. Enter the check date—not today’s date. Enter a description of the item and the amount.
Save the record. After entering all checks in the batch, post them.
See “Entering Books into Inventory” for details on how to receive inventory.
Select Payment from the Tasks menu.
Enter Vendor ID. The check number, date, etc. will automatically appear. Make sure that cash account is AS-Checking MWB. Check the payment box. Save the record. Mark the stub in the checkbook that this check has been entered into the computer records. After entering all checks in the batch, post them.
If people spend their money to buy things for NESFA (Boskone, MCFI)[5], then:
Credit their advance account (AD-…)
Debit whatever account(s) is affected (usually EX-, SE-, )
If people either receive money or buy things from NESFA (Boskone, MCFI)[6], then:
Credit the appropriate account (usually IN- or AS-Bxx or …)
Debit their advance account
When people buy books using their advance accounts, do not record it using a General Ledger transaction. Although that type of entry will keep proper track of money, it will not decrement the inventory files.
Select Receipts from the Tasks menu. Create a deposit ticket; we use the form mmddyyB, mmddyyC, etc. where B, C, etc. allow multiple deposit slips for the same date[7]. Create a five-digit deposit reference number where the first two digits are NESFA’s fiscal year (1998-1999 is 32).
Each person’s transaction has its own entry. Make sure that payment method is Advance account and the account is AD-person’s name.
Enter the number of items, items sold, etc. In most cases the General Ledger account will automatically be entered. The price for NESFA members picking up books is the 60% price. Hit the → key and the ↓ key to get the 60% price. There is no postage and handling.
Note
If people are buying books or other taxable items in Massachusetts, don’t forget to calculate the sales tax and enter a line posting it to LI-MA Sales Tax.
Procedures to be done at the end of the month. Use the General Ledger to post these entries. Each procedure must have its own sequential reference number.
Building: the building is on a 20-year fixed depreciation of $645/month. Make sure that you generate a paper report for the files
Credit LI-Building Dep
Debit EX-Build Depr
Equipment: equipment is depreciated at 3% of current value; this is roughly a 3-year depreciation. To obtain the current value, select Financial from the Reports menu; choose the Depreciation Detail Report. Set the date range for the month that is to be closed. Take the value from this report and multiply it by 0.03 to obtain the depreciation amount.[8] Use the printed report as the record to file.
Credit LI-Equip Depr
Debit EX-Equip Depr
Every month[9] we get a report from the banks on our accounts. Use these to reconcile the accounts. Before starting reconciliation for an account, post any interest and fees.
Credit AS-bank account
Debit EX-Misc NP (for non-charge accounts)
EX-V/MC (for charge accounts—USTrust)
Interest Income
Credit IN-Int
Debit AS-bank account
After these have been entered and posted, select Account Reconciliation from the Tasks menu. Enter the account to be reconciled. Mark the cleared checks, etc. Mark the deposits on the bank statement against our deposit records.
Note
For charge deposits, the batching of the bank does not always match our batching. After eliminating those that do match, look at the sums; they are usually correct.
If the reconciliation is off by a small amount, it is usually less time-consuming to handle this as an adjustment. Otherwise, you may find yourself spending many hours finding where, for example, two digits in the cents columns were interchanged.
If the Unreconciled Difference is negative, create and post a general ledger entry as if it were a fee:
Credit AS-bank account
Debit EX-Errors
If the Unreconciled Difference is positive, create and post a general ledger entry as if it were interest income:
Credit EX-Errors
Debit AS-bank account
Write these transactions on the bank statement before filing it. The
Each Boskone pays rent to NESFA for storage and meeting space in the clubhouse. This takes money from one pocket and puts it into another. However, it is important because it must be covered in the Boskone budget to reflect the real cost of what it takes to put on a Boskone. When we did not have the clubhouse, we had to pay this money out in cash for storage rental, etc. The Membership has set this rate at $300/month. Each Boskone pays 12 months for the NESFA fiscal year May-April.
Credit IN-Boskone
Debit AS-Bxx
We are required to pay Massachusetts sales tax each month. This must be filed and paid by the 20th of the next month (for example, January’s taxes must be filed and paid by February 20th). In general, this is small except for February (Boskone[10]), July (Readercon), and sometimes August or September (Worldcon).
We back into the form. That is, we keep track of what taxes we have collected for retail sales in Massachusetts and then multiply this by 20 (1/0.05) to get the taxable sales. We subtract taxable sales from gross sales to get non-taxable sales[11]. The amount of money we lose each year is miniscule compared to the effort that would be involved in keeping track.
Sales Tax Collected: Select General Ledger from the Reports menu. Choose the General Ledger – single acct. report. Run the report for the month in question, using the account LI‑MA Sales Tax and print it out. The amount owed shows up at the bottom of the report as a negative number. This is the tax due[12]. Enter this amount on lines 7 and 9 of the Massachusetts tax form ST 9 SM.
Multiply this number by 20 and enter this number on lines 4 and 6 of the tax form.
Gross Sales: Select Financial from the Reports menu. Choose the Sale Income for Current period report. Run the report for the month in question and print it out. The total is shown at the bottom. Enter this number on line 1 of the tax form.
Subtract line 6 from line 1 and enter it on lines 2 and 3 of the tax form. Enter 0 for lines 2a, 2b, 5, and 8.
Sign and date the form. Cut the check. Copy both the check and the form and file the copy.
Use the preaddressed mailing label to send the check and form to the Commonwealth. For reference, the address is:
Massachusetts Department of Revenue
Post Office Box 7039
Boston, MA 02204-7039
Each month, print out the following reports, present them at the Business Meeting, and give copies to the Clerk for inclusion in Instant Message:
Select Reports / Financial Statements / Advance Accounts for IM
Set Time Frame to Range. Set From to Period 1; set To to the month ending before the Business Meeting..
Select Reports / Financial Statements / Assets and Liabilities for IM
Set Time Frame to Range. Set From to the appropriate start period (monthly, quarterly, annual, etc.); set To to the month ending before the Business Meeting..
This applies mainly to Boskone, Readercon, Albacon, and Worldcons. Actual cash and checks are deposited into the MetroWest Bank; charges are deposited into USTrust. The process below allows us to get the checks and charges deposited and cleared without having to wait for the detailed reports from the Sales Committee. All funds received are entered into a liability suspense account as described below. When the Sales Committee reports, the items (books, next year’s Boskone registrations, NESFA dues, etc.) are “sold” using the money in this liability fund.
Use or rename an empty liability account of the form
LI-Salesxx
Deposits: create a ticket number as usual for deposits; one for cash, checks and traveler’s checks—another for credit charges.
The Payment method should be the usual bank asset account AS-Checking MWB or AS-USTrust. There is only one line in each deposit—the entire income. The G/L account in this line should be the LI-Salesxx account.
Sales: Select Tasks / Receipts. The Payment Method should be Suspense Account; the account should be LI-Salesxx. Enter the sales as usual for each item sold. The G/L account is the usual SI- account.
Note
Review copies should be considered as sold for $0.00. This is necessary to automatically decrement inventory.
Caution
When recording purchases of books at a convention, do not include accounts receivable which were not paid at time of delivery (usually, to dealers at the convention). You must beat on whoever is doing sales to keep this separate. A separate Accounts Receivable invoice must be generated for these sales.
Royalties are calculated upon the actual number of books printed. You need the printer’s bill to get this number[13]. The formula is
Royalties = (Number of books) * (Cover price) * (Royalty percentage) - Advance
The advance for reprints is usually zero. This information is available in the contracts signed by NESFA and the writer (or agency). It is also tabulated and attached to these instructions.
Create a General Ledger transaction:
Credit RY-authorxx
Debit AS-Bookxx
Save and post the transaction.
If there is an agent, then the royalty check should be made out to the agency and not to the writer or the estate of the writer. It should be accompanied by a letter explaining which book this is for and giving the calculation.
When you enter the check into the system (see Paying Bills), use the General Ledger account RY-authorxx. This will zero out the royalty account.
Note
Do not forget to create the General Ledger transaction for advance payments and for passing on the part of the royalties from the Science Fiction Book Club.
Next, enter the books into inventory.
Note
We cannot record book sales until the book has been received into inventory.
During the creation of the book, all expenses are charged against the book’s asset account AS-Bookxx. When the book is entered into inventory it is “purchased” using the money accumulated in this account. Before buying the book, you need the following:
All book accounts must be created: Sales Income (SI-), Sales Expense (SE-), Inventory (IV-), and Cost of Goods Sold (CG-).
All physical book production expenses must be posted to the AS-Bookxx account. These expenses include
Printing
Binding
Cover production
Shipping
Telephone calls, postage, other shipping, etc.[14]
Mailing of review copies.
Note
Sometimes we must sell/invoice the book before we know the cost of shipping the review copies. If this is a continuing book (NESFA’s Choice), post this cost to the AS‑Bookxx account; it will show up in the next printing, but it is a small amount compared to the rest of the costs (~$50 compared to ~10K). If this is a non-recurring item, then post the costs to SE-Postage.
The total number of copies delivered must be known. This is given on the printer’s bill.
Royalties, based upon the number of books, must be calculated and posted to the AS‑Bookxx account.
Select Purchases/Receive Inventory from the Tasks menu. The Vendor ID is Dummy. The G/L account is IV‑ account.
Use the actual number of copies shipped. The General Ledger account is the IV- account above. Do not enter a unit price; enter the total amount. The unit price (actually, cost) will be calculated.
Select Payments from the Tasks menu. Enter the Vendor ID as Dummy. Set the Cash account entry to AS-Bookxx Click the payment box, save, and post.
If this is a new product, or if the price changes, select Inventory Items… from the Maintain menu. Update or create the Inventory file. Enter the 100%, 60%, and 80% prices. If necessary, enter the unit cost that was calculated above. Make the default account SI‑Postage.
There are a number of transactions that must be done on an annual basis. Most of them involve governments.
Interest is earned by our accounts in MetroWest Bank (checking), USTrust (charge accounts), and Fidelity (Money Market Fund). In theory, each asset/liability account should get its share of the interest; in practice, it is only meaningful to transfer funds to the NESFA Life (Honorary) Membership and Boskone Life Membership accounts. The transactions are:
Credit LI-NESFALife
Debit IN-Interest
Credit LI-BoskoneLife
Debit IN-Interest
It is not necessary to get exact amounts to transfer because these are partitions of our funds used to roughly track our NESFA Honorary and Boskone Life Membership obligations. The real cost for NESFA Honorary membership is the cost of sending Instant Message and Proper Boskonian to Honorary members (many of whom decline this); the real cost for Boskone Life membership is free membership to the convention. However, if such people attend Boskone, it is almost certain that they would be put on the program; program participants gets free memberships so it is basically a wash. Here is how to calculate the amounts to be transferred to these accounts.
All the reports below are run by selecting Report / General Ledger and selecting the General Ledger #3 report. The time period starts with the first month of the fiscal year (May) and ends with the last month of the fiscal year (April of the following calendar year).
Select the account IN-Interest to get the total interest earned for the year (this account is filled when you do the monthly bank reconciliations). Note the total amount at the end of the report—INTtotal.
Select the account LI-NESFALife to get the total amount in that account—NLtotal.
Select the account LI-BoskoneLife to get the total amount in that account—BLtotal.
In normal times, as money in the credit card account (USTrust) reaches $20,000 or so, it is transferred to the checking account (MetroWest Bank) or to the money market fund (Fidelity). Checks are deposited in the checking account and bills paid from that. As that amount gets over $40,000, the excess is transferred to the money market fund. The end of FY31 and FY32 were not normal because we paid a large amount to deal with the environmental consequences of the underground oil tank; it was necessary to take money from the money market fund to cover these extraordinary expenses. We believe that this is now completed.
Select the account AS-Checking MWB. Take the total amount for the start of each month; total these amounts and divide by the number of months (12). This is roughly the average amount in the account over the year—MWBtotal.
Select the account AS-USTrust. Take the total amount for the start of each month; total these amounts and divide by the number of months (12). This is roughly the average amount in the account over the year—USTtotal.
Select the account AS-MMA. Take the total amount for the start of each month; total these amounts and divide by the number of months (12). This is roughly the average amount in the account over the year—MMAtotal.
Add these amounts: FUNDStotal = MWBtotal + USTtotal + MMAtotal
The amount to be transferred to NESFA Life is given by:
INTnesfalife = (NLtotal / FUNDStotal) * INTtotal
The amount to be transferred to Boskone Life is given by:
INTboskonelife = (BLtotal / FUNDStotal) * INTtotal
Round these amounts tot he nearest tens of dollars and enter them.
This is a one-page state form which is filed with the Board of Assessors of the city/town in which we are located—Somerville. It must be filed by 1 March; it contains information for the previous NESFA fiscal year ending 30 April. For example, the form filed in January 1999 was for the fiscal year ending 30 April 1998.
1099 is a Federal IRS form to be sent to people who have gotten royalties in excess of $10 during the year. It does not have to be sent to corporations except that fees paid to lawyers must be filed. We must have the person’s social security number (or tax identification number) to fill it out. Copies must be sent to the payee by February 1st. Copies must be sent to the IRS by March 1st . As an Executive Board member, the Treasurer should check the contract to make sure there is a paragraph that asks for this information.
The 1096 form is a summary of the 1099s and is sent to the IRS with them.
Internal Revenue Service
Service Center
Cincinnati, OH 45999
This is the IRS form used to report payments to people residing overseas. Copies to the IRS and recipients are both due by 15 March. Based upon discussions with English writers who get paid by U.S. corporations and with Tekno-Books (M.H. Greenberg), we do not believe that we have to file this form.
This is a report of our activities to the IRS. It is due by 15 September. The critical part is that the Officers and Directors don’t get any salaries or payments[15]. Our accounts are set up so that there is an account (or accounts) to match each pertinent line item in this form. This form is filled out by our accountants; they inform us what reports and records are required.
Filed annually in November. Almost all of it is boilerplate from the previous year. The required numbers are taken from Federal form 990.
Get the information from the Boskone Treasurer.
Existing Life Memberships: transfer funds from the Boskone Life Membership account
(LI-BoskoneLife) the current Boskone account (AS-Bxx). The amount is the smaller of the interest earned by the Boskone Life account or the actual cost of the lowest registration rate for that year’s Boskone for all the known living Life Members. The former has always been the smaller. For details on how to calculate the interest, see Transferring Interest under Annual Activities.
Credit AS-Bxx
Debit LI-BoskoneLife
New Life Memberships: Each year’s Boskone buys Boskone Life memberships for each Boskone Guest. Transfer an amount equal to 14 times the lowest registration rate[16] for that Boskone to the Life Memberships account for each Boskone guest.
Credit LI-BoskoneLife
Debit AS-Bxx
NESFA Honorary Memberships: Each year’s Boskone buys a NESFA Life (Honorary) Membership for each Boskone Guest. Transfer an amount equal to 14 times the Subscribing Membership rate[17] for each Boskone Guest. Couples get a joint membership; if a couple splits later, the former partners must decide what to do about it.
Credit IN-NESFALife
Debit AS-Bxx
Advance Accounts: incorporate Boskone Advance accounts into NESFA Advance accounts.
If Boskone owes someone money:
Credit their advance account (AD-…)
Debit Boskone (AS-Bxx)
If people owe money to Boskone:
Credit Boskone (AS-Bxx)
Debit their advance account (AD-…)
Note
If people owe money to both NESFA and Boskone, have them clear at least their Boskone advance account by payment to NESFA or Boskone.
Funds Transfer: deposit the Boskone transfer on its own slip—no other item deposited with it. Generate a General Journal entry for the transaction.
Credit AS-Bxx
Debit AS-Checking MWB
Note
If Boskone loses money, then bills must be paid out of NESFA’s general funds.
What else????
Note
We do not have overdraft protection on any of the accounts.
MetroWest Bank
Type: Checking
Number: 860007475
Address: 15 Park Street, PO Box 9111, Framingham, MA 01701-9111
Telephone: +1.508.620.0300
Signature cards:
Deposit-only ATM card:
MetroWest has a telephone access to query accounts.
1. Dial +1.508.620.3700 and follow the instructions.
2. Our account number is 86 0007475.
3. The last four digits of our Employer ID are 4890.
4. The current password is 2675.
USTrust
Type: Charge processing (has checks) NOW
Number: 000700581-4
Address: PO Box 373, Boston, MA 2101
Telephone: +1.888.878.4636
Signature cards:
Note
Bank fees for deposits a month are deducted on the first business day of the next month. Therefore, by the time we get the month’s statement there is less in the account than appeared on the statement.
Fidelity Investiments
Type: Money market (has checks)
Number: T120299607
Address: Post Office Box 770001, Cincinnati, OH 45277-0003
Telephone: +1.800.544.6666
Signature cards:
Our accounting firm is:
O’Connor & Drew
1515 Hancock Street
Quincy, MA 02169-5234
+1.617.471.1120 (voice)
+1.617.472.7560 (fax)
our current contact is: Dave D’Iulius; large amounts of material can currently be delivered by Joe Rico.
Maintaining Accounts
Reports – running
Report - creating
|
Item |
Reference number |
Amount |
Date Posted |
Initials |
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Depreciation, Building
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Depreciation, Equipment
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Reconciliation, MetroWest fees |
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Reconciliation, MetroWest interest |
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Reconciliation, MetroWest Treasury error |
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Reconciliation, USTrust fees |
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Reconciliation, USTrust interest |
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Reconciliation, USTrust Treasury error |
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Reconciliation, Money Market fees[18] |
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Reconciliation, Money Market interest[19] |
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Massachusetts Sales Tax[20]
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Boskone space rental
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Notes: _________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________ date: ___________________
(signature)
[1] With a large membership overlap.
[2] This is not uncommon after convention sales or when a new book comes out.
[3] Depositor—make sure this information copies completely for each check.
[4] Set this by selecting Maintain / Customers;
[5] Often on the Yellow form.
[6] Often on the Green form.
[7] This is not uncommon after convention sales or when a new book comes out.
[8] It’s a good idea to use this report as the paper copy of the General Ledger entry.
[9] Maybe every quarter on some of the money market funds.
[10] It is important to beat on the Sales Committee to get these numbers by the beginning of March.
[11] Because we are allowed to keep a small percentage of the tax as a collecting fee, we lose out on this; it’s worth it not to have to keep track.
[12] When a check is cut and entered, this will zero out the account for that month.
[13] Or, you can open the boxes and count all the books—guess what past Treasurers have preferred.
[14] You may have to estimate some of these. It is better not to have to do this, but sometimes, we don’t have all the information
[15] Reimbursements for direct expenses of the organization are not considered salaries or payments.
[16] $32 at Boskone 36 ($448).
[17] Currently $16 ($224).
[18] Money Market usually reports quarterly.
[19] Money Market usually reports quarterly.
[20] Must be filed by the 20th of the next month.