Clubs are usually organized on a nonprofit basis, but must still maintain tight cost controls to give their members good value. In the Accounting for Clubs course, we cover all aspects of the accounting systems and controls needed to maximize member services at a reasonable cost. Course materials include the accounting for inventory, fixed assets, leases, club expenses, and payroll, as well as a discussion of how to close the books and produce performance metrics.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Cite the accounts that can be included in the chart of accounts for a club.
Specify the structure and content of the financial statements for a club.
Specify how the par level is used in inventory monitoring.
State the main characteristics of a system of fixed asset depreciation.
Identify the accounting for a leasehold improvement.
Identify the accounting for a lease by the lessee.
Specify which club expenses are classified as expendable items.
Specify the accounting for mandatory gratuity charges.
Identify the accounting for a club's web site.
Specify the accounting for a payroll, including the treatment of tips.
Specify the metrics used by clubs, as well as the factors that can impact them.
Major Topics
Characteristics of Clubs
Club Financial Statements
Departmental Financial Reports
Inventory Accounting
Accounting for Other Assets
Accounting for Leases
Club Expenses
Accounting for Payroll
Accounting for Sales Taxes
Club Controls
Club Operating Ratios
