As you know, our VCP have some projects operated by ourselves here in Vietnam. It means that the donor will transfer the budget directly to VCP, not through the headquarter.
I am keying the grant received and expenses for the project “Social Justice in Forestry” funded by IIED. I want to consult with you how to key.
When we receive the grant from IIED, we key (fv50):
Cr. RCF USD bank account: 4,448.27 USD
Dr. Deferred grant-short term (213001) 4,448.27 USD
Keying expenses:
Cr. Expenses
Cr. RCF USD bank account
By the end of the project, we do settle with deferred grand-short term
Cr. Deferred Grant-Short term
Dr. Grand revenue (4100001)
I am not sure about the process. Please advise.