Asset accounts contain values that your church has at its disposal, including checking and savings accounts, certificates of deposit, and other assets.
According to the accounting equation, an entity's assets value equals the sum of its liabilities and equity.
To add a new asset account,
- Go into Ledger from the Navigation bar. If your site has multiple books, you'll want to make sure you have the correct book selected in the upper right corner.
- Click the Chart of Accounts tab to view all of your current accounts.
- Click "Add to chart" to open a creation window to the right.
- Enter the account name, and account number, if applicable.
- Under "Create account under", use the drop-down menu to select either the Asset account type or a parent account under the Asset heading further down the list.
- Choose a starting date for your account. You can choose either the beginning of the current year, the beginning of the current month, today's date, or a custom date that you can select.
- Enter in the beginning balance for the account as of the beginning date, if applicable. If this account is meant to have sub-accounts, do not add a beginning balance.
- If this account is going to be used to write checks, check the appropriate box.
- If this account is going to be used to make payments, check the appropriate box.
- If this account is going to be used to reconcile against a bank statement, check the appropriate box.
- Click "Save" to confirm the creation of the account.