User Support Forum

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

That is correct.

Do you have a mortgage to enter as well?

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.