It is important that a Club account
for, and control, its capital expenditures. The Club will charge significant
amounts to its Plant, Property and Equipment accounts on the Balance Sheet,
often without having a detailed list of the expenditures. You can use the
General Ledger and Accounts Payable systems to account for the expenditures
in detail and provide a financial statements report.
|
Procedure |
Example |
-
Add expense
accounts in your General Ledger Chart of Accounts to match your
Capital Budget line items.
|
97-1201
04 Ice Machine
97-1202
04 Defibrillator
97-1401
04 10 New Golf Cars
97-1501
04 Aerator
97-1502
04 Ford F150
97-9999 Capital Clearing |
- Input Budget for each item.
|
|
-
Setup a Capital
Expenditures financial statement in Report Specifications using
a format that includes columns of: Month-to-Date Actual,
Year-to-Date Actual and Year-to-Date Budget. Bring in your new
accounts to the schedule, but exclude the Capital Clearing
account.
|
Schedule 30: Capital Expenditures
M-T-D
Y-T-D Y-T-D
G/L#
Capital Item Actual Actual
Budget
HOUSE
97-1201 04
Ice Machine
97-1202 04
Defibrillator
Subtotal
CARTS
97-1401
04 10 Golf Cars
Subtotal
GREENS
97-1501 04
Aerator
97-1502 04
Ford F150
Subtotal
Grand Total Capital Expenditures
|
-
Code incoming
invoices to the appropriate expenditure account and clear the
Property and Equipment with each invoice entry.
|
Accounts Payable:
-1603 Greens Eq Lawn & Golf $1500
97-1501 04
Aerator Lawn & Golf $1500
97-9999
Capital Clr Lawn & Golf ($1500)
--------
Total Invoice $1500
===== |
