Fw: need help setting up transactions for sale of house
pmjs1115 at yahoo.com
Sun Jul 29 11:03:29 EDT 2007
Sorry I forgot to Reply All
----- Forwarded Message ----
From: Paul Schwartz <pmjs1115 at yahoo.com>
To: J E <joele54 at yahoo.com>
Sent: Sunday, July 29, 2007 9:02:39 AM
Subject: Re: need help setting up transactions for sale of house
----- Original Message ----
From: J E <joele54 at yahoo.com>
To: gnucash-user at gnucash.org
Sent: Sunday, July 29, 2007 1:43:22 AM
Subject: need help setting up transactions for sale of house
I am trying to set up the accounting for the sale of a house
in GnuCash. I have already received the payment in my checking
account, but I want to account for commisions/fees and also show
the capital gain in a split transaction, but am unsure of how to
The numbers are:
Checking acct. Deposit: $375000
Sold (2007): $400000
Bought (1987): $150000
Commissions/fees: $ 25000
Net capital gain: $225000
I have tried doing a split transaction, but always wind up with
an Orphan-USD, and totally confused.
I have tried setting up:
Assets:Fixed:House:Cost $150000 (Equity:Opening Balances)
You should have
Equity:Opening Balance 150000
to show the initial purchase, but the balance winds up being:
- $150000. Any help would be greatly appreciated.
Then a split transaction could look like
Assets:Checking Acct 375000
Income:Long Term Capital Gains
I say could instead of should because the details of the entry depend on how you set up your conceptual accounting [there are lots of different options].
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