How do I post a fixed asset purchase from restricted funds

[LQ Helper]

Our church purchased sanctuary chairs through a restricted fund account. I posted the debit to the restricted fund account and the credit to cash. What should do to post them to the asset account? I will debit the asset and what account should I credit or can this even be done?

Thanks

[NeilZ]

Our church purchased sanctuary chairs through a restricted fund account. I posted the debit to the restricted fund account and the credit to cash. What should do to post them to the asset account? I will debit the asset and what account should I credit or can this even be done?

Thanks

Um ... The proper way to show usage of Temporarily Restricted Funds is to do the following, $100.00 used as example:

Invoice:
Checking Account- CR - $100.00
Expense Account - DB - $100.00
Temp Restricted Fund Release Account - DB - $100.00
Release from Restriction Account - CR - $100.00

The last two lines are added by the system when you click on the Release Restricted Funds Button on the Invoice, and enter the data explaining the release.

Assuming you already have an asset account setup for equipment (xx-1610) , and it closes to the standard Powerchurch Unrestricted Net Assets account of xx-3100, you would create a transaction in Funds Accounting like this:

xx-1610: Equipment Assets - DB - $100.00
xx-3100: Unrestricted Net Assets - CR - $100.00

You normally do not use NET ASSET accounts (3000-series accounts) in transactions as the system does the updating automatically, but this is one of the few cases its allowed, and required to make everything balance.

[LQ Helper]

Thank you so much. Now I can get a good nights sleep since I will not be mulling it over in my mind all night.