Fw: need help setting up transactions for sale of house

[Paul Schwartz]

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 
do this.

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 
                                                   Debit          Credit
Assets:Fixed:House                 150000
Equity:Opening Balance                                150000
*******************


to show the initial purchase, but the balance winds up being:

- $150000.  Any help would be greatly appreciated.

TIA.
J. Estes

**************
Then a split transaction could look like
                                                   Debit          Credit
Assets:Checking Acct            375000
Assets:Fixed:House                                   150000
Expenses:Commissions          25000
Income:Long Term Capital Gains
                                                                   250000

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].

HTH

Paul
*****************

       
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