Deposit from Property Sale

[Dkgross]

We recently sold property and I am wondering the correct way to record/deposit the proceeds from the sale? Do I need to enter it through the Contribution module or directly into Fund Accounting by entering a transaction?

[NeilZ]

We recently sold property and I am wondering the correct way to record/deposit the proceeds from the sale? Do I need to enter it through the Contribution module or directly into Fund Accounting by entering a transaction?

Hi,

FWIW ... this question is probably best asked in the Accounting forum, but here goes:

I would just use the Funds Accounting transaction. This really isn't a Contribution, so using that module is really not necessary.

Also, if you have your building and land as assets in the accounting module, this will allow you to debit that asset account properly.

[Dkgross]

We recently sold property and I am wondering the correct way to record/deposit the proceeds from the sale? Do I need to enter it through the Contribution module or directly into Fund Accounting by entering a transaction?

Hi,

FWIW ... this question is probably best asked in the Accounting forum, but here goes:

I would just use the Funds Accounting transaction. This really isn't a Contribution, so using that module is really not necessary.

Also, if you have your building and land as assets in the accounting module, this will allow you to debit that asset account properly.

Thanks - that was the direction I was thinking it should go but wanted some input. The property was not listed as a asset....probably should have been....I suppose I could set it up now so the sale was reflected. I am a computer IT person and not a trained accountant so I did the basic setups in Powerchurch to track income and expenses.