[GNC] Asset accounts: cost, or value?

[David Cousens]

Marcus 

As a number have people have pointed out you may need to keep the cost basis
of your house separate from any adjustments for the estimate of the current
value you may apply to calculate your estimated current net worth. You can
have your cake and eat it too in this case.

Under your fixed asset:house  asset acount you can have a sub account to
record variations in the estimated value of the house and a separate sub
account for recording the cost basis of the house both summing into the
parent account. The amounts debit/credited to this account would be
credited/debited to any equity account suitably labelled to indicate that it
reflects the estimated market value. For a report for taxation purposes
where you need the actual cost  basis you only include the relevant
asset/equity accounts and exclude those which reflect the current market
value. For a report for your own purposes you would include the accounts
recording the  market value adjustments.  

You just need to be clear which accounts have to be used for which purposes
and construct the reports wit the options accordingly. Commenting the
accounts in the notes appropriately and displaying the notes in the account
tab can keep this clear.

David Cousens



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David Cousens
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