This is really a somewhat related question, not a reply. A computer was purchased prior to our starting to use PowerChurch in 2018 and I want it on the books as an asset. Then we will recognize the related depreciation as an expense. The debit would be to an asset account, and I think the credit is to a Fund Balance account. I've always considered the 3001 account as reserved for the system; I've never manually posted anything to it. Can I post to this account, or should I create another 3XXX account for this purpose? If I do create a new account, are there any special considerations. Also are there any suggestions for a name?
Thanks.
Ed
Computer Purchase & Depreciation
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Re: Computer Purchase & Depreciation
FWIW .. its ALWAYS better to open a new topic rather than add to a 10 year old topic. Many times these are ignored as spammers tend to post to these old topics.emarino wrote:This is really a somewhat related question, not a reply. A computer was purchased prior to our starting to use PowerChurch in 2018 and I want it on the books as an asset. Then we will recognize the related depreciation as an expense. The debit would be to an asset account, and I think the credit is to a Fund Balance account. I've always considered the 3001 account as reserved for the system; I've never manually posted anything to it. Can I post to this account, or should I create another 3XXX account for this purpose? If I do create a new account, are there any special considerations. Also are there any suggestions for a name?
Thanks.
Ed
That said about depreciation. You may want to reconsider this after reading this thread.
viewtopic.php?f=3&t=11480&p=36427&hilit ... ion#p36427
With the cost of computer now less than $600.00 it may make no sense for a church to bother with depreciation.
If you still want to depreciate that item, this will help:
viewtopic.php?f=3&t=6810&hilit=depreciation
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.