Recording and reporting of depreciation under fund accounting using QuickBooks

by Trish
(Toronto)

"Capital asset fund reports assets, liabilities, revenue and expenses related to the acquisition and amortization of capital assets."


This is written in our audited financial statement. So I am assuming all the fund related to capital should be recorded as capital asset fund.

For example, Organization receive $10,000 for building improvement, which is restricted, so do I need to create separate class for capital asset fund and record $10,000 as donation under capital asset fund, and depreciation under the same fund. Little confuse. Your help is appreciated. Thanks

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