Fixed Assets

[LindaW]

Dang it... I entered a new vehicle into the Fixed Assets and need to put a beginning balance.
How do I do this?

Sorry, I just need to sloooooow down but it's Friday and almost quitting time

[Matt]

Where did the money come from to purchase the vehicle?

[LindaW]

It was donated to the church.

[Matt]

In this situation I would recommend that you debit the Asset account and credit the Unrestricted Net Assets account for the value of the vehicle.

[JohnDMeyers]

Matt's way will work.

If the donor is looking for a tax receipt for the donation, you can do the following:

Create an income account for Gifts-in-Kind, like 01-4180-000.

Create an asset account for the car, like 01-1810-000.

Create an envelope number for the donor.

Create a Contribution Fund 110 in Contributions that does this:
CR 01-4180-000
DB 01-1810-000

Assign the value of car as the Contribution.