Delayed payment of proceeds from Life Assurance - how to record?

[Edward Doolittle]

I'm guessing you would want to create a transaction crediting Equity and
debiting your bank account, or wherever the cheque landed. Maybe you should
create a sub-account under Equity describing where the asset originated,
e.g., Equity:Pre-2010 Life Assurance Overdue . You could add a split
crediting Income:Taxable for the interest amount. I've done something
similar with transactions that pre-date the time I started using GnuCash,
but I'm no expert, so I'm curious as well.

On 22 December 2014 at 23:22, Michael Hendry <hendry.michael at gmail.com>
wrote:

> In 2008 (before I started using GnuCash for my personal accounts) I
> surrendered a couple of Endowment Life Assurance Policies as I no longer
> needed the life cover, and the rate of return was low.
>
> There was an error in the calculation of the amount due, and I’ve just
> received a cheque for the balance.
>
> Apart from a 1% interest payment for the overdue amount, this is not
> Income, but rather the realisation of an asset.
>
> How best should I record this asset - by going back to 2010 (when I first
> started using GC) and entering it as a starting balance (even though I
> didn’t know about it then, and would have had difficulty in asssessing its
> value? or by creating a new asset from that date which has a value of zero,
> and revaluing it at the appropriate sum with effect from the date I heard
> of the error? or by some other procedure.
>
> More of a bookkeeping question than a GC query, I realise, but I expect
> one of you has already grappled with this question.
>
> Michael
>
>
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-- 
Edward Doolittle
Associate Professor of Mathematics
First Nations University of Canada
1 First Nations Way, Regina SK S4S 7K2

« Toutes les fois que je donne une place vacante, je fais cent mécontents
et un ingrat. »
-- Louis XIV, dans Voltaire, Le Siècle de Louis XIV, Chap. XXVI