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This is really a somewhat related question, not a reply. A computer was purchased prior to our starting to use PowerChurch in 2018 and I want it on the books as an asset. Then we will recognize the related depreciation as an expense. The debit would be to an asset account, and I think the credit is to a Fund Balance account. I've always considered the 3001 account as reserved for the system; I've never manually posted anything to it. Can I post to this account, or should I create another 3XXX account for this purpose? If I do create a new account, are there any special considerations. Also are there any suggestions for a name?

Thanks.

Ed

emarino wrote:This is really a somewhat related question, not a reply. A computer was purchased prior to our starting to use PowerChurch in 2018 and I want it on the books as an asset. Then we will recognize the related depreciation as an expense. The debit would be to an asset account, and I think the credit is to a Fund Balance account. I've always considered the 3001 account as reserved for the system; I've never manually posted anything to it. Can I post to this account, or should I create another 3XXX account for this purpose? If I do create a new account, are there any special considerations. Also are there any suggestions for a name?

Thanks.

Ed

FWIW .. its ALWAYS better to open a new topic rather than add to a 10 year old topic. Many times these are ignored as spammers tend to post to these old topics.

That said about depreciation. You may want to reconsider this after reading this thread.

viewtopic.php?f=3&t=11480&p=36427&hilit ... ion#p36427

With the cost of computer now less than $600.00 it may make no sense for a church to bother with depreciation.

If you still want to depreciate that item, this will help:

viewtopic.php?f=3&t=6810&hilit=depreciation