Fixed asset, balance of job not reflecting asset

Byambaa

We have purchased fixed asset and created fixed asset's account which the assets are entered under.

When purchasing the asset, a job income was used (NGO grant) but when doing a P&L Standard report the expense of the asset has not be added to the job. 

How do we fix it so that the job show asset money coming out?

Linda ABC

Hi Byambaa - in these types of situations - I create an expense account within the list of accounts for the grant expenditure... put the initial price here and report here - but down under Other Income - I would create an account called Transfer Asset purchase - where you can then credit this amount (but do not report as part of the grant) and debit the Fixed Asset account in the Balance Sheet.. Hope this makes sense? 

Josephine Poland

Would debiting the fixed asset account  then stop the asset showing in the Balance sheet? We still need the assets and depreciation to be accurate in the balance sheet. 

I work with Byambaa and we want the expense to reflect what type of asset we purchased - such as head office computer or student computer and we are using Jobs to track the income and expediture for each grant. We can't set up an expense account for each grant - there are too many, some grants are even for operating costs like power, stationery and toner and we need the accounts to reflect how much we spend on these items.