ACCOUNTING practice question

[Wouter van Marle]

On 20 Mar 07, at 6:29, Lewis Overton wrote:

> I keep the books for a small nonprofit community band. We buy music
> periodically which I've been recording directly as Net Operating 
> Asset. That
> doesn't tell me how much has been spent year-to-date, however, and I 
> would
> like to know.

Doesn't a "cash flow" report do the trick for you? That indicates the 
total cash in and cash out flows for a certain period of time.

Wouter.

>
> When I closed the books at year end, I didn't move the Music asset 
> account
> to Equity. That might have done it, since the asset showing would be 
> year to
> date.
>
> On the other hand, that wouldn't put the amount we spent into 
> expenses. I
> could fix that by creating an expense account for Music, then doing a
> transfer to assets at year end. I don't see any such account (exactly) 
> in
> the UCOA account tree.
>
> What's a good way to approach this problem?
>
> Lewy
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