Setting Up In-Kind Line Items in Chart of Accounts

[NeilZ]

I have set up Group and Detail (Income) line items for In-Kind Donations for a new Cub Scout Pack set up as a new Fund CS.

I am not using the Contributions module for recording these gifts.

My question is, when setting up the Detail Income line item, I have to identify the line item it closes to, and the only Unrestricted category available is Unrestricted Net Assets.

So my initial donated "items" are for:
1) The Pack webpage -- which I want under expenses
2) Flags, poles and stands -- which I want to put under Assets-Equipment
(both things are being donated by the church out of Fund 01)

Where should I set-up the Detail Income line item to close if there is no single category I want it to close to?

Thanks for any help.
Cheers,
Ray

Expenses that are being funded by Fund 01, should close to unrestricted net assets. if he income to be funding these items will be flowing through Fund 01, that account should also close to 3110-000 which is usually the unrestricted net assets default account number.

[NeilZ]

Thank you, Neil.
And would this also be the same if someone (other than the church/fund 01) were to donate equipment or items?
And would I then make a GL entry to move from unrestricted net assets to the Equipment asset file?
Cheers,
Ray

Why are you tracking assets for the Cub Scouts using the church operations fund. Now I understand. I would NOT track this under the church accounting fund at any time.

I'd create a separate accounting fund for this purpose keeping this completely separate from the church accounts.

A the minimum you'd have an 1800 series account for the equipment, and a 3110 net asset account. If you get rid of an asset you'd reverse the DB and CR from what is shown below.

To add to the assets:

DB 01-1810-000 equipment asset $1,000
CR 01-3110-000 unrestricted net assets $1,000

This keeps the equipment from showing as 'income' when its really a starting asset. You'd then have your regular income and expense accounts for any income or purchases that the pack buys out of its own assets.

For any donations, I would write a letter thanking the donor for the donation, listing the amount of the item given. Any cash, well, that's tracked via the reqular income accounts, and I would also give a letter or some type of receipt.

The church purchases would be a standard expense, just like a regular purchase from that fund.

[NeilZ]

Thanks again, Neal!

The church is the Chartered Organization... the Scout Pack is a ministry. If the Pack ever ceases to exist, the assets and equipment remain with the church.

I do maintain the Scout Fund separately (CS Fund) and not in the 01 Fund used as the main (and only other) fund for the church.

Cheers,
Ray

Ray,

when that happens, I'd then transfer them to the church asset account.