Accounting Sports Clubs

Topics: Money, Payment, Sports club Pages: 4 (612 words) Published: March 18, 2011
Peter van Staden

About Sports Clubs

Sports clubs are non-profit organisations, they render services to their members and they use income to upgrade the facilities used by the members. Although the accounting principles for a sports club and a business are the same, they are different in the way that the object of a business is to make a profit where as the object of Sports club is to enable its members to take part in one or more kinds of activities. Sources of income

Membership fees
Juniors R100 pa
Seniors R250 pa
Entrance fees
Juniors R200
Seniors R400
Tuck shop
Cold Drinks
Energy bars
Other energy drinks
Bar / Coffee Shop
Clothing Store
Club Jerseys
Club Socks

Items of Expenditure

Salaries and wages
Bank Charges
Club Jerseys
Club Socks
Affiliation Fees
Water And Electricity

Ledger Accounts used

Membership fees
Entrance fees
Club Badges
Affiliation fees
Income and Expenditure

Collection of membership fees

Members get written off if they haven't paid there fees before we're half way through the season If members pay their fees up front they get a voucher for the tuck shop, bar, coffee shop or clothing shop If members pay late they are charged 15% interest for each month that they're fees are late up until 6 months when they get written off Control measures for keeping of ledger

There needs to be internal control over the cash flow in the business When money is received must be recorded in the source documents(cash register roll, cash receipt) The owner or manager must sign off on all payments made

Money received the previous week must be banked in at the beginning of each week. A trial balance must be done at the end of each month to see if any irregularities have occurred.

Stock holding and pricing policy

We order...
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