User Support Forum

Dang it... I entered a new vehicle into the Fixed Assets and need to put a beginning balance.
How do I do this?

Sorry, I just need to sloooooow down but it's Friday and almost quitting time

Where did the money come from to purchase the vehicle?

It was donated to the church.

In this situation I would recommend that you debit the Asset account and credit the Unrestricted Net Assets account for the value of the vehicle.

Matt's way will work.

If the donor is looking for a tax receipt for the donation, you can do the following:

Create an income account for Gifts-in-Kind, like 01-4180-000.

Create an asset account for the car, like 01-1810-000.

Create an envelope number for the donor.

Create a Contribution Fund 110 in Contributions that does this:
CR 01-4180-000
DB 01-1810-000

Assign the value of car as the Contribution.