[GNC] accounting for the market value of a fixed asset

BOSCH John(J) - BRUCE POWER john.bosch at brucepower.com
Sun Aug 5 10:06:40 EDT 2018


Hi:  I'm having trouble setting up the accounts to reflect the scenario below:

Fixed asset = 2015 Pickup truck purchased in June 2015 for $62000
Liability = Current outstanding loan amount = $38000
?? = Current market value of the truck = Approx $45000

Since I'm just starting to use GNUcash I input the values thus:

Fixed asset = 2015 truck: $45000
Liability = Truck Loan: $38000

What happens is that I get an entry in the "imbalance" account of $7000 which makes sense because the asset value doesn't match the loan amount.

Question:  How do I structure the accounts above to reflect that I have $7000 worth of equity in the vehicle without it showing up in the imbalance account?

Thanks in advance

John
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