[GNC] Asset accounts: cost, or value?

Michael or Penny Novack stepbystepfarm at comcast.net
Wed Sep 2 13:02:50 EDT 2020


On 9/2/2020 11:08 AM, D. wrote:
> Michael,
>
> Could you go into more detail about how one would enter, e.g., title insurance in GnuCash so that it would apply to the cost basis of a property?
>
> TIA,
> David
>
Take a simple example. You write a check to pay something that is 
properly part of the basis:

debit    "basis"

credit   "current account"

I was assuming that the only way could have been puzzled if instead had 
done this:

debit   "some expense account

credit  "current account"

And then seen no way to get the "basis" involved. Well that transaction 
was NOT properly an expense but the "purchase" of asset (a transfer 
between asset account)


Michael D Novack

PS: Yes I know, at "settlement" when buying a house usually some complex 
transaction with lots of debits and credits




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