Possible- Bad Function, Bad Procedure

[SBCTrustee]

Hello everyone,

I am a retired auditor & we are new to PC+ v.9.

Is the equipment inventory module linked to the accounting module?

Whatever the answer is, it appears that PC+ will allow several accounting "NO", "NOs."

One of the most important accounting rules is that all fixed assets must be recorded at "cost" not valuation. Thus, no matter how old an asset is, it must remain on the books (balance sheet) at cost. The current book value is determined by substracting the accumulated depreciation & the salvage value of the asset from the cost of the asset.


Page 309 of the user's guide v.9 gives instructions for adjusting the (book) value of equipment. (This will throw your Balance sheet off & result in a lossed audit trail & improper accounting). This is a "NO, "NO".

I suggest that PC+ be modified in such a way as to not allow the cost to be changed & to elimenate the value field unless it is the calculated book value per above & is a "read only" field.

Am I correct?

Tom
2nd Baptist Church of Ypsilanti

[Jeff]

The equipment inventory module is not linked to the accounting module in any way. The original design for the module was as a simple record keeping module for insurance purposes not as a fixed assets module to be part of the accounting system.

There has been some interest in a fixed assets module, but what we found is most users don't show the value of their land and buildings on their books much less the value of equipment. In fact most churches we talk to are not doing depreciation of any kind.