We were at a school that had done this for years, and it worked great. I was never directly involved, because my kids were very little, and only the older kids went on the big trips. But I can tell you that they did track the monies raised by each student, and applied them to their individual accounts accordingly. No snags that I ever heard of.
Our schoo will soon be starting a fundraiser...there has been talk about giving the school a % of the profit from each student and taking whats left an put into student accounts so they have money for field trips and international trips. Has anyone done this and how has it worked?