Asset with rebate

[FireFly]

Possibly depends on how the rebate is handled, and how good the account needs to be.

Personally (in my personal accounts, which I am the only person that looks at) 

If the rebate is instant, I ignore it and simply would put the transaction as follows

Buy transaction to buy the asset, with the cost being 35k with 10k coming from some other asset account (nominally a bank account) and the remaining 25k coming from a loan account (the new loan).

The way I've handled in the past (say my car) is to actually make the asset effectively a share, and then manually update the price of the asset as/when I want/need.

The problem with this (to my mind) is that I'd like to include repairs in the "cost" of the asset, but can't, but it doesn't bother me too much.

If the rebate wasn't instant, then I'd do something similar, except that the transaction would be for the 40k (and presumably 15k coming from a current asset account) and then when i got the rebate that account would be increased by 5k for the check coming back in.

Not sure if this helps or not? I'm guessing it's a car purchase (for the price you list) but not sure what else you are looking to do with it (and thus not sure what else you want for the recording of the transaction).

 - James Duerr


E-mail: FireFlys_98 at yahoo.com
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Discover a lost art - play Marbles. May 2004
www.marillion.com



----- Original Message ----
From: Bernard Fay <bernard.fay at gmail.com>
To: gnucash-user at gnucash.org
Sent: Wednesday, July 29, 2009 4:51:03 PM
Subject: Asset with rebate

Hi,

How should I record an asset bought with a rebate?

Say the asset is valued at $40000 but the buyer got a $5000$.
Also, say the buyer gave $10000 from his pocket and $25000 from a loan?
How to record this kind of transaction?

As an asset in gnucash, should we record the value of the asset ($40000) of
the discouted price of the asset ($35000)?
If we record the value of the asset (40000) what do we do the $5000
discount?

Admittedly, I am a bit loss with this transaction.

Thanks
Bernard
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