User Support Forum

A van was recently donated to the church. How do we add that to our assets/liabilities?

Create an income account for "gift in kind", like 01-4180-000.

DB 01-1720-000 Van Asset $2,000
CR 01-4180-000 Van (gift-in-kind) $2,000

For depreciation:
CR 01-1880-000 Depreciation Reserve $200 (assuming 10-year straight-line depreciation)
DB 01-5890-000 Depreciation expense $200

You mentioned liabilities. Is there some debt associated with this van?

Thank you!

I asked about liabilities because I'm trying to look ahead...insurance, maintenance, registration, etc.

Those would all be expense categories.