tracking long term investment asset

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neac
Posts: 68
Joined: Mon Jan 28, 2019 8:26 am

tracking long term investment asset

Post by neac »

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.

Matt
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Re: tracking long term investment asset

Post by Matt »

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.

whfpc
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Re: tracking long term investment asset

Post by whfpc »

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

NeilZ
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Re: tracking long term investment asset

Post by NeilZ »

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
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.

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