Using GNUCash for commercial property held by LLC - Some newbie questions

[Mike or Penny Novack]

On 9/25/2016 11:44 PM, replicon wrote:
> Hello everyone,
>
> I'm part-owner of a commercial property, held by an LLC we've created, and I
> just started learning about GNUCash. I went through the guide and have a
> good general idea of how to set it up, but I have some specific questions I
> hope someone can entertain.
>
> I'm working with an accountant, but want to set up a reasonable first swag
> of what we've got going to send him, to seed our discussion.
>
> 1) How do I account for things I've had to pay for _before_ our business
> checking account was available? This includes setting up insurance, and some
> parts of the downpayment that weren't handled by the loan. I'd think of them
> as expenses.
They would be liabilities of the LLC to you  (expense of the corporation 
paid for by the assumption of a liability). This is the sort of thing 
your accountant will explain. But if you want to have a go at a trial 
set up, I suggest you read a book or two of the "accounting for the 
small corporation" type. There are accounts specific to this form of 
organization.

Michael D Novack