Bookkeeping standards¶

RoboJackets financial records should comply with generally accepted accounting principles and Internal Revenue Service standards by default. This page documents standards for specific transactions.

Restricted funds¶

RoboJackets, Inc. generally doesn’t accept donations. As a 501(c)(7) exempt organization, donations aren’t tax-deductible for donors. Most donors should be directed to donate to Georgia Tech Foundation, Inc.

Payments from Georgia Tech are generally restricted, and must be tagged with the Restricted class within QuickBooks. Any payments should be traceable to an expense, and the expense should also be tagged with the Restricted class within QuickBooks.

Reimbursements to students¶

RoboJackets will occasionally need to reimburse a student for an out-of-pocket expense or mileage in a personal vehicle. Students must submit reimbursement requests in BILL Spend & Expense.

Once the request is approved by a budget owner and an administrator, BILL will withdraw the funds from Mercury. The withdrawal description will be Divvy Reimbursem; ACH; RoboJackets Inc. Foundation Group is responsible for creating expense transactions based on the reimbursement requests recorded in BILL.

Square payments¶

Square deposits payments the following business day after a payment is received. Foundation Group is responsible for splitting processing fees from the deposit as an expense entry, and recording the remaining revenue in the appropriate revenue accounts. RoboJackets is responsible for maintaining the Square app transactions feed into QuickBooks.