Pmt from Mission Fund for General Fund Asset

[Heidilr1]

We purchased a new phone line out of Missions Fund monies. I am classifying the hardware as an asset (and the labor for installation as an expense). This asset however, is technically a general fund asset. How do I make the transfer entry, to transfer the asset from the missions fund to the general fund? (GF = Fund 1; MF= Fund 2).

Thank you for always being so helpful!

[JohnDMeyers]

Transfer from Missions checking to General Fund asset:

First, out of missions:
CR 02-1110-000 mission checking $1000
DB 02-9010-000 transfer account $1000

Into general fund:
DB 01-1810-000 equipment asset $1000
CR 01-9010-000 transfer account $1000

With this kind of asset, you should also make a depreciation entry: (you can look up the proper amount of years, but I will estimate it at 5 years depreciation or 20% per year)
DB 01-5895-000 Equipment Depreciation $200.00
CR 01-1899-000 Accumulated Depr. Equipment $200.00