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How do we run our Co-operative Society, Urgent

QuickBooks SupportCategory: TransactionsHow do we run our Co-operative Society, Urgent
Adeloja asked 6 years ago

Hello BigResources, Can you please shed more light on how QuickBooks can help us manage and track cash flow in our co-operative society? We are based in Abuja and are looking for a good accounting software to manage the internal operation.

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1 Answers
BigResources Staff answered 6 years ago

We have posted a detailed guide on how QuickBooks can work for a co-operative society on this blog, but let me summarize all that I shared:
In QuickBooks, you can add all your members and if they had some fund in their account, you can enter the amount as opening balances for each of the members, this will help you generate a statement of account for each member. For constribution paid into the co-operative society account, you can setup a “members contribution” under the liability side of your chart of account, this will help you view the total amount paid so far as contribution or savings.
For loan disbursed to members, you can as well create a “loan and advance to customers” under the asset section of your chart of account to track all loan disbursement from the bank or cash on hand. QuickBooks also has a feature that lets you add relevant interest charges on loan and tenor so you can track the maturity period of loan to members.
Just like a normal business, you can record relevant expenses and generate your financial report in QuickBooks.
The email feature lets you send statement of account of your members to their email address from QuickBooks, if you need clarifications or have questions, please talk to our support consultant: 08094219399

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Last modified: May 31, 2018