How to account for a house purchase

[Ronal B Morse]

That's what I did. I also had to set up a corresponding liability 
account for the mortgage, but that's a separate issue.

I wasn't sure if I should use the purchase price or the appraised value 
as the value of the asset, but since I do everything else on a cash 
basis, I decided to use the cash price.  That does have some impact on 
net worth calculations, but I'll live with that.

RBM


On 02/17/2018 07:56 AM, Robert Heller wrote:
> At Sat, 17 Feb 2018 21:31:54 +0700 Tony Vanson <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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