How to account for a house purchase

Nith Valley Organics rvklassen at gmail.com
Sat Feb 17 10:55:06 EST 2018


Or Assets:Fixed Assets:House - if you distinguish between fixed assets and current assets.

And yes, it is already an asset.  If the purchase should fall through and you get your deposit back the asset goes away and the money goes in your bank account.  Otherwise, it’s part of the cost basis for the house.  Presumably, you get to create

Liabilities:Mortgage 

as the source for part of the remainder.  

> On Feb 17, 2018, at 9:56 AM, Robert Heller <heller at deepsoft.com> wrote:
> 
> At Sat, 17 Feb 2018 21:31:54 +0700 Tony Vanson <tonyvans70 at gmail.com <mailto:tonyvans70 at gmail.com>> wrote:
> 
>> 
>> Hi all,
>> Hopefully someone can point me in the right direction on how to account for a house purchase in GNUCash.
>> I have contracted to buy a house and have paid a 10% deposit from my bank account, with the remainder becoming due within 2 months. I understand that the deposit amount is a debit against my bank account but I have no idea what the corresponding  double-entry should be. I assume when this purchase is completed it will be an asset? 
>> Regards
> 
> How about Assets:House ?
> 
>> 
>> 
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