[GNC] Car loan with downpayment using a credit card

[Stephen M. Butler]

On 1/3/19 5:06 PM, Taymour A. El Erian wrote:
> Hi,
> I am very new to GNUCash so bear with me. I have setup my assets (bank
> accounts, Car) and also my liabilities (Car loan, Credit Cards) and
> imported all the transactions from my banking institutions and credit cards
> too. I added the Car (asset and loan) later to the setup and now struggling
> to get the down payment made for the car to show under the asset.
> I made the down payment using 3 different cards and a cheque. As I said I
> added the car loan later after setting everything up and all accounts are
> balanced. Now I am trying to get those few months old down payment
> transactions to show as split under the asset so that my liability would be
> (total value - down payment - payments). Any help
>
>
>
> *Taymour
Car Transaction #1:

    Asset:Car:  DR -- full price of car
    Liability:CC(s) -- CR amt put on card that totals to down payment
    Liability:Loans:Car -- CR loan amount.

Asset:Car value = Liability:CC(s) value + Liability:Loan:car (original
loan amt)

[I would expect some expense accounts for licensing and other fees that
would be part of this first transaction}

Monthly payment transaction(s):

    Expense:Interest paid  -- DR interest amount of payment
    Liability:Loans:Car -- DR payment principle amount
    Asset:Checking -- CR loan payment amount

Credit card payoff transaction(s):

    Liability:CC(s) -- DR amount paid to each CC
    Asset:Checking -- CR amount paid to each CC

Without checking with the house accountant <<grin>>, that's how I would
set it up.

--Steve

-- 
Stephen M Butler, PMP, PSM
Stephen.M.Butler51 at gmail.com
kg7je at arrl.net
253-350-0166
-------------------------------------------
GnuPG Fingerprint:  8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8

-------------- next part --------------
A non-text attachment was scrubbed...
Name: pEpkey.asc
Type: application/pgp-keys
Size: 4995 bytes
Desc: not available
URL: <http://lists.gnucash.org/pipermail/gnucash-user/attachments/20190103/03e3bd8e/attachment.bin>