questions about entering a home purchase

[Kevin Hale Boyes]

Reading over all the replies here, it has started to make sense.

I guess I'd wanted a single transaction to
represent the value of the house but several transactions work just
as well.

Thanks everyone for your help
Kevin.


On 3/18/07, David Reiser <dbreiser at earthlink.net> wrote:
> 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
>
>