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

Mike or Penny Novack mpnovack at mtdata.com
Wed Mar 30 12:20:36 EDT 2016


On 3/30/2016 7:29 AM, Yaaros wrote:
> I use gnucash for my personal finance management. Now I'm going to start
> house construction for my own use, and would like to account all expenses
> ie. materials, labour, etc. in gnucash. So, please help me to identify which
> accounts should be created and in which categories also.. Thanks.
I'm going to take a slightly different tack.

Because DURING house construction (and for a record of the project) you 
are going to want a great deal of "clutter all these details, but that 
would represent a great deal of clutter on your personal books I would 
choose to open a SEPARATE set of books for the construction phase. Then 
at the end of that phase (house complete) would close that set of books 
into your personal books. Then you would always be able to reference the 
house construction project without having all those details cluttering 
your main books.

So some questions. How are these things (materials, labor, etc.) being 
paid for? Your usual checking account or a special account for the 
project (perhaps checks drawn against the "line of credit" account the 
bank would want you to have prior to converting that liability to a 
permanent mortgage when the house is completed -- that would be usual at 
least this side of the pond)

Michael D Novack




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