Corpus Fund is getting listed under Income. How do I move it to Liabilities?

Most societies have a need to charge (raise invoice) the members for ‘Corpus Fund’, ‘Sinking Fund’ etc. However, these are not to be treated as Association Income and instead must be moved reflected under Liabilities.

To do be able to do this:

1. Create a new Income Category (say ‘Corpus Fund’) under Income->Member Income->Setup Member Income Categories. If you already have created the income category, please ignore this step and go to step #2.

2. Now, go to Accounting->Chart of Aaccounts. Filter for ‘Corpus Fund’ and then click ‘Edit Account’.

3. On the Edit Account screen, select ‘Account Class’ as ‘Liability’. Select any accounting group under Liabilities and save.

With this you have moved an income account into a liability account. Charges invoiced under this head will no longer be treated as society’s income and instead will come under liability head on the balance sheet.

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