"EDITED ONLINER DIALOGS"
TOPIC: Fixed Assets and Debt Retirement Acctg DATE: March 7, 2000
TOPICAL OVERVIEW: This Ministry pays for Fixed Assets and Debt Retirement from Operations under Budget control, but also they need to capitalize the Fixed Asset and retire the debt. This dialog provides 'how to' resource help as handled within QuickBooks (QBs) . FILE: 2011-07 Uptd last on 07-19-03
Thank you for directing me to http://www.bcidot.org ... information there has been helpful. But we have accounting procedure frustrations when the following exists:> We buy fixed assets from the General Fund
> We make mortgage payments from the General Fund
> We make bus payments from the General Fund
> A Bible Class purchases a fixed asset ... or something
like a piano.We know these fixed assets should be capitalized as assets and we know the liabilities on our books should be reduced for payment, but we MUST budget them.
Please reference the URL below where we explain how Fixed Asset procurement and Debt Service payments can first flow to the General Fund and be subject to Actual to Budget accounting and, as a by-product, place the Fixed Asset into the Asset area on the Balance sheet. And for Debt Service it can also be subject to Actual to Budget accounting and as a by-product the principal portion can reduce the applicable debt. We call this the Three Legged procedure. Plse see 0111 for more info. For more accounting/reporting matters along these lines plse also go to 0102.
As most of you know, we here at www.bcidot.org dialog by email with Onliners regarding Ministry Finance (MinFin) matters. Above are what we call "Edited Onliner Dialogs", or edited version of actual dialogs with some of you, but we have honored your privacy and not used your name or that of your Ministry. Our purpose is to make topical MinFin information available to any interested Ministry Finance Team so you can learn from one another.. Let us know if you would like to dialog on a Peer to Peer basis with the other Onliner involved and we will try to put you together. Thanx - Jim Bramer - Proverbs 9:10
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