Field and topic: Accounting - Instead of having income and expense accounts, you have funds. Income and expense go into and out of that one fund.
For example, instead of having "Church income" and "church expense" accounts, with donations going into the income account and expenses coming out of the expense account, you would have a "Church maintenance fund".
Donations would be credited to this fund, and expenses debited to this same fund.
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Sample sentence: Even some professional accountants are not familiar with the fund accounting system used by most churches and charities.
For example, instead of having "Church income" and "church expense" accounts, with donations going into the income account and expenses coming out of the expense account, you would have a "Church maintenance fund".
Donations would be credited to this fund, and expenses debited to this same fund.
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Sample sentence: Even some professional accountants are not familiar with the fund accounting system used by most churches and charities.
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