▲ 4 r/Bookkeeping
Handling lottery run by non-profit
Canadian non profit runs a lottery that can go on for months. I am getting conflicting direction on how to book it. Since the Lottery commission controls how and when money is spent, I believe it should be on the balance sheet until such time as it is won and/or commission tells us we can spend our portion. One accountant agrees but another accountant says income should be recorded as it happens. There are ongoing expenses and have thought about recording income to offset the expenses.
Looking for thoughts on how to handle
u/Abject_Program_610 — 8 days ago