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[Amanda Mayer]

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If you have a CIP / Fixed Asset in Progress G/L account you could use that as the balancing account in the Fixed Asset G/L Journal. That account will look strange until you get the funding, pay it out, and record the capital asset / liability, but it does allow you to create the asset until then.

[j.pettaway@stonemountainpark.org]

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That is the traditional way of how we would record the asset; however, this is a different situation. We would never receive the funding. It has already been expended.

[Amanda Mayer]

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Ah, but you did spend the money, correct? If you spent the money where was it recorded in your G/L? There is no way to create an unbalanced entry in BC. You could turn off the G/L integration to post acquisition cost, but then your asset balances won’t match the FA subledger.

[j.pettaway@stonemountainpark.org]

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It’s an odd situation.

The funds were spent on our behalf on 1 of our projects.

[j.pettaway@stonemountainpark.org]

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I think I would need to treat the asset like a donated item. Debit the Fixed Asset & Credit a Revenue account (i.e. bond revenue) for the total value of the asset. We don’t have the expenses recorded because we did not spend or receive the actual funds.