Seller paid closing costs into escrow
Jason Ahrens
jason at cougarcorp.net
Mon Apr 28 12:26:21 EDT 2008
So, this is more of an accounting question than a usability question.
I'm hoping someone with experience can help :)
I just bought a house. Most of the Concepts Guide works great for the
basic case, but in the specific case (at least in this state) a number
of things go through Escrow on an on-going basis, including a large
initial deposit from the closing costs. To this end, I created an "Asset
:Escrow" account that deposits go into, and payments go out of
(insurance and taxes). That part works fine.
The sticking issue is that in this case, the seller has paid a good
chunk of my closing costs. And of of those "closing costs" is going into
the Escrow Account.
My initial thought was to draw this money from an "Income:Other" account
into the "Asset:Escrow" for the house. Would this be correct?
Jason
More information about the gnucash-user
mailing list