How to accommodate my own house construction costs in gnucash accounts?

[Colin Law]

On 30 March 2016 at 14:14, Yaaros <vinod.vadakut at outlook.com> wrote:
> ...
> I've created the below accounts, and have shown other relevant accounts
> also. Now, just confused about money flow entries...Most of the
> materials/labour charges are paid from 'cash in hand' and the remaining
> through cheque. So, in normal case the accounts reflected are 'cash in hand'
> and 'Labour' or 'Materials'..... then how to pass it to Assets->House
> also... I mean which accounts are to be credited and debited...
>
> Assets
>     Cash in Hand
>     Bank Savings Account
>     Bank Checking account
>     House
> Expenses
>     House Building
>          Materials
>          Labour
> Income
>     Salary

A transfer from Expenses:House Building to Assets:House.  I don't know
whether this is the 'best' solution, but I think it is the way I would
do it.  Of course if you have legal requirements to satisfy or tax
implications there may be constraints on the way you should do it.

If you bought the land you would also have a transfer from Bank >
Assets:House, or something similar.

Colin

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