Does anyone know how to track/manage an outside investment?
We have a long term investment account managed by our denomination. We receive an update every year showing the initial investment amounts, capitalized interest on each investment and total balance.
I would like to update the numbers we have in powerchurch to reflect what we actually have in the investment as this has not been done in several years, and of course no one knows how to do this.
tracking long term investment asset
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Re: tracking long term investment asset
To do the update input an entry that debits the asset account for the investment and credits the fund balance account associated with that investment. Going forward, recommend that you set up an income account to record the interest that is capitalized. Set the close to account to be the fund balance account associated with that investment. Then when you receive the statement showing how much interest was capitalized input an entry that debits the asset account for the investment and credits the interest account.
Re: tracking long term investment asset
Just so that I am clear on this. If I have an account with BB&T and I receive .21 interest I should enter a transaction deducting my BB&T account and crediting the 10% perpetual care account (the account Session has approved). I get this confused because it appears they have entered at contributions in the past.
Robin
Robin
Re: tracking long term investment asset
Robin,whfpc wrote:Just so that I am clear on this. If I have an account with BB&T and I receive .21 interest I should enter a transaction deducting my BB&T account and crediting the 10% perpetual care account (the account Session has approved). I get this confused because it appears they have entered at contributions in the past.
Robin
I don't believe you can do that. The .21 interest was on the asset, and probably reinvested, right? That means you can only show the amount under the asset using the transaction Matt described.
If you had gotten a check with the .21 interest, then you could basically deposit the check, and update that 10% Care account income.
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.