questions about entering a home purchase

[David Reiser]

Kevin,

They probably didn't turn over the house to you without your handing  
them the two checks, did they? I'd be tempted to create a transaction  
for each check you write (on the day the check was either written or  
handed over to the third party). When they cleared the bank wasn't as  
important as when you paid them.

For each check, one split would come from the checking account, the  
balancing split would be the fixed asset account. For the final loan  
paper signing, one split would still be the fixed asset account, but  
now the balancing split has to come from the liabilities account.  
IANAA, so I'd end up playing with the debit/credit columns until the  
numbers balanced correctly.

If you do go back and re-enter transactions, you'll have to do a  
little dance for the first bank reconciliation, since you will have  
changed a reconciled transaction. But as long as the ending balance  
agrees and all appropriate checks (including the new replacement  
transactions) are marked as cleared you'll be ok.

I don't think it really matters which way you do this -- either you  
have a single entry for the asset acquisition with multiple splits  
from the checking account and a loan (but not being able to track  
separate dates for the multiple splits), or you have a series of  
transactions in which you cover part of an asset acquisition  on  
different days, but the asset value doesn't fully show up in your  
file until after the last transaction takes place.

Dave

On 18 Mar 2007, at 11:27:11 PM, Kevin Hale Boyes wrote:

> Thanks but I guess I'm not sure I know how to do that.
> The increase to the House account is the price I paid
> for the house.  Are you suggesting I break that amount
> into separate transactions?
>
> Thanks,
> Kevin.
>
>
> On 3/18/07, Maf. King <maf at chilwell.net> wrote:
>> On Sunday 18 Mar 2007, Kevin Hale Boyes wrote:
>>> I'm trying to enter the transaction for purchasing a house.
>>>
>>
>> <SNIP>
>>
>>> They were two different cheques cashed at different times.
>>> In fact I've reconciled the transactions in GC already.
>>>
>>> So, I don't know how to enter the above split transaction
>>> with the different dates.
>>>
>>
>> Hi Kevin,
>>
>> I think that you need to record this as two separate transactions  
>> - not as
>> splits to one big transaction.
>>
>> HTH,
>> Maf.
>>
>>
>>
>>
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--
David Reiser
dbreiser at earthlink.net