Club Accounting is the name given to the method MemberWise uses to simplify the accounting enough so that anyone can do it. No previous book-keeping experience is necessary. All the user needs to know is the difference between the three different types of account used in MemberWise. They are:

Accounts with Stock

• Itemised stock is not recorded. Total stock value is used to work out the Cost of Goods Sold. To achieve accurate Profit and Loss accounts, stock taking should be done as close as possible to report start and end dates. Expenditure can be entered for stock accounts or overheads. The final report is similar to a Profit & Loss account which is then incorporated into the main Consolidated Account for the whole organisation.

Accounts without Stock

• These accounts are ones where there are only two types of transactions, income and expenditure. No stock values are recorded against these accounts.

The Consolidated Account

• The Consolidated account is the overall account for the organisation. It includes the current position on subscription collection and the surplus/deficits from all the accounts. Finally, the overheads attributed to the running of the organisation are subtracted to give a final surplus/deficit figure for the whole organisation.