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.

Accounting method

RoboJackets uses cash basis accounting for simplicity. Most payments we send and receive are due immediately, so accrual accounting would have limited benefits.

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. Expenses should additionally have the Customer field set to Georgia Institute of Technology and Billable set to Yes.

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 Ramp.

Once the request is approved by a department owner and an administrator, Ramp will withdraw the funds from Mercury.

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.