Adding n assetthat was purchased on Account

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raylaurenza
Posts: 39
Joined: Mon Sep 21, 2009 10:28 pm

Adding n assetthat was purchased on Account

Post by raylaurenza »

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

NeilZ
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Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
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Re: Adding n assetthat was purchased on Account

Post by NeilZ »

raylaurenza wrote:
Tue Jan 10, 2023 11:01 pm
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
As assets are usually tracked in the unrestricted net assets Fund Balance account, and assuming you only have one Accounting Fund "01".

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.

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