Accounting for assets in jobs
Hi, we are a small not for profit that is unsure how to account for assets. We use jobs to track grant income and expenditure, but if we purchase an asset it makes it look like money is still left in...
Forum Discussion
Hi MishPony
Thanks for your post. I'd recommend speaking to the accountant about how to record those assets to ensure they are reported correctly for your situation.
With regard to reporting, asset accounts are reported in the Balance Sheet. The P&L reports income, cost of sales and expense accounts.
Please let me know if you need further help.
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Thanks. Our Auditor has told us how to record our assets, but wasn't able to assist us regarding the tracking of jobs. I have reached out to someone else but their solution was to create a new set of asset accounts (asset + accumulated depreciation) for solely to be used for assets purchased from that funding source as asssets cannot be asigned a job code. This is not an ideal solution as we have a number of grants, and each would at some stage purchase assets, and we need a simple way of tracking grant expenditure including asset purchases.
Regards,
Mish
