Net Assets

[Jeanie]

Hopefully I won't sound too dumb. I have put all the infomation in the accouting set up and was checking the sample reports before finishing. On the reports, such as the balance sheet, there is the checking accounts, savings accoutns then liabilities and the a Net Assets and under it was unrestricted Net Assets and there is a figure. Where did that figure come from? I put nothing in the assests portion as far as land, buildings, etc. only the checking accounts, and savings accounts. So where did this figure come from? thanks for any help. Don't want to click finish until I know that is right. thanks

[NeilZ]

Hopefully I won't sound too dumb. I have put all the infomation in the accouting set up and was checking the sample reports before finishing. On the reports, such as the balance sheet, there is the checking accounts, savings accoutns then liabilities and the a Net Assets and under it was unrestricted Net Assets and there is a figure. Where did that figure come from? I put nothing in the assests portion as far as land, buildings, etc. only the checking accounts, and savings accounts. So where did this figure come from? thanks for any help. Don't want to click finish until I know that is right. thanks

I suspect that if you total the savings and the checking, and then subtract the liabilities (is that right John??), you'll get your net asset number.

[Jeanie]

Thank You. You are right. I am so new at this stuff. Thank you so much. Now I can proceed.

[JohnDMeyers]

Neil:

That was a great adaptation of A=L+E !

Jeanie:

Here's what PowerChurch does behind the scenes when you enter your checking and savings balances:
DB Checking account
CR Unrestricted Net Assets

So, you see that your Unrestricted Net Assets are affected by your beginning checking account balance.

[Jeanie]

Thank you for your reply. Hopefully I will get the hang of this soon. I have been using PC for many years for everything but accounting so now working on that. thanks again.