Assets are items your congregation owns. They include money, building, land, and equipment. There are generally two types of assets: current and fixed.
» Current Assets
Current assets are assets that you can easily spend to support the congregation’s mission. They include checking and savings accounts, certificates of deposit, and other assets that can be easily converted into cash. Current assets, or bank accounts, are the only accounts that Checks and Deposits can be created for.
» Fixed Assets
Fixed assets are non-monetary assets. These include buildings, pews and organs. Fixed assets are normally used directly in support of your congregation’s ministry, and the congregation doesn’t intend to sell them.
Note: Fixed assets are often expensive. Congregations may need to borrow money to acquire them. Consequently, adding up all your assets does not supply all the information about your congregation’s financial strength. To get the complete picture, you must subtract what you owe (Liabilities) from what you own (Assets).
- The asset accounts can be found in the Accounts grid.
- Access the accounts grid by going to “Accounts” in the menu bar, choosing Account Types, and then selecting “Asset.”
- You can also click on the “A” in the toolbar and change the account type filter at the bottom to “Asset.”
- To add an asset account, click the Add button.
- Type in the name of this account.
- Key in the beginning balance if there is one. You may also choose to journal entry the money in so you have a better audit trail.
- If this asset is a bank account, check that box.
- Now choose or add the grouping categories you want. If you don’t choose to group this asset, you will still need to pick a sequence number.
- When you are finished, click OK to save the account.