Adding building asset to a fund

gizmo82198 · Post by **gizmo82198** » Tue Feb 10, 2009 8:48 am

Hello,

I need to add a building to one of our funds. I have already run the accounting setup, and I need to do it manually.

What I think I need to do is:
1. Add an account to the chart of accounts for the building (02-1610)
2. Create a transaction that has a DR to 02-1610 for the amount and a balanced entry to 02-3100 (Unrestricted Net Assets).

Is this correct?

Thanks in advance

Mike

JohnDMeyers · Post by **JohnDMeyers** » Tue Feb 10, 2009 9:58 am

That is correct.

Do you have a mortgage to enter as well?

gizmo82198 · Post by **gizmo82198** » Tue Feb 10, 2009 10:54 am

No, there is no mortgage, just an asset. This is an old schoolhouse that is "attached" to the church property, but since it was converted to a rental property, we need to pay the taxes on it, so we list it as a separate asset.