New Property

[Wayne Sommers]

We have merged with another church under our Leadership and Corporation. We now have property (land & Buildings, my question is how to enter it into PC correctly in regards to Assets, Liability and Interest Expense More Details There was no cost to our church and the property was simply signed over to us . It has approx 100K still owing but is worth about 1M.

[JohnDMeyers]

Record the value of the asset:
DB 01-1810-000 $1,000,000 Building Asset
CR 01-3110-000 $1,000,000 unrestricted net assets

Record the liability:
CR 01-2210-000 $100,000 building debt (mortgage?)
DB 01-3110-000 $100,000 unrestricted net assets

Make a payment on loan:
CR 01-1110-000 checking $5,000 payment
DB 01-2210-000 building debt $3400 principle
DB 01-5510-000 interest expense $1,600 interest