Fee Account

1. The main source of income for a club and association is a fee comprising:

a) Incoming fees

b) Annual / monthly fee

c) Competition fee

2. Entrance fees can be considered as capital acceptance or revenue acceptance depending on the club’s policy. If this fee is considered as a receipt of capital, this item will be reflected in the Balance Sheet, which is mixed to the accumulated fund. If this fee is considered revenue receipt, this item will be credited in the Income and Expense Account.

3. Annual fees / monthly and competition fees are considered revenue receipts and credited into Income and Expense Accounts.

4. However, annual fees are to be adjusted first before being credited to Income and Expense Accounts as there may be pending fees (receivable) and fees received earlier.