Our church bought a new sound board for $3649.51 on account, payable in 30 days
I created an invoice for that Vendor, and paid it by check. It posted like this
01-6750-003 Music Equipment(expense) 3649.51
01-1110-003 general Fund(check acct) $3649.51
But how do I add the sound board as an asset also, and still know that I paid that amount for music equipment
Ray
Adding n assetthat was purchased on Account
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Re: Adding n assetthat was purchased on Account
As assets are usually tracked in the unrestricted net assets Fund Balance account, and assuming you only have one Accounting Fund "01".raylaurenza wrote: ↑Tue Jan 10, 2023 11:01 pmOur church bought a new sound board for $3649.51 on account, payable in 30 days
I created an invoice for that Vendor, and paid it by check. It posted like this
01-6750-003 Music Equipment(expense) 3649.51
01-1110-003 general Fund(check acct) $3649.51
But how do I add the sound board as an asset also, and still know that I paid that amount for music equipment
Ray
So if you have an asset account under the Other Assets Group header (EX: 1910-000)
you would enter a transaction in Fund Accounting (using the PCPlus default unrestricted net assets account)
01-1910-000 AV Assets DB 3649.51
01-3110-000 Unrestricted Assets CR 3649.51
As always do a backup of the Accounting files using the PCPlus backup function to roll back if the reports don't look correct.
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.