What:  a guide to accounting for fixed assets ($500 or more)

Recording

Who: Treasurer

1. Ensure receipt is stored and saved (Greenback for Amazon purchases, Expensify for everything else)
2. Select appropriate account from list below:
   • Creative Arts – any purchase for a program’s use
   • Computer equipment – any computer/peripheral purchase not specifically for program use. 
   • Furniture – any purchase for non-programmatic or general use (e.g. tables, chairs)
3. Export from portal used above; match transaction in Banking tab of Quickbooks

Reviewing

Who: Anyone trying to view information about a fixed asset purchase

1. Open Quickbook Online
2. Use any of the methods below to find the transaction:
   1. If you know the vendor name:
      1. click into the Expenses tab
      2. select Vendors sub-tab along the top
      3. Search by Vendor name
      4. Select the matching transaction
   2. If you can guess how the transaction was coded using the list below:
      1. click into the Reports tab
      2. select Balance Sheet from the Standard reports list
      3. Ensure that the date range at the top includes the purchase date (if you’re not sure, use July 1 – June 30)
      4. Select Run Report
      5. Click into the correct account code or click the total amount next to Total Fixed Assets:
         • Creative Arts – any purchase for a program’s use
         • Computer equipment – any computer/peripheral purchase not specifically for program use. 
         • Furniture – any purchase for non-programmatic or general use (e.g. tables, chairs)
      6. Select the matching transaction

Reporting

Who: Treasurer & Stewards

If a fixed asset purchase is for a single program, the cost (net of fundraising and AMT matching funds) will be deducted from the available funds for the program. 

If a fixed asset purchase is for multiple programs, the cost will be split across the relevant programs. 

To assign costs, the treasurer should review the changes to the balance sheet from the previous month, link the transaction (or split transaction) to the steward reports. 

Stewards

If a fixed asset purchase was budgeted, [tktktkt]

If a fixed asset purchased was approved after the start of the year, keep in mind [tktktktkt]