[GNC] How to do property asset and loan when acquired in the past

[Gio Bacareza]

Hi guys, this is my scenario simplified with hypothetical figures:

1. I bought property ex valued at $100 5 years ago.
2. I start with GnuCash today
3. As of today, let's say I have paid off a part of the loan, and let's say
I have $25 left to pay.

Is this how you would do it?
1. create an asset account with a beginning balance of $100 to capture the
value of the property.
2. create a liability account with a beginning balance of $25
3. track transactions on the loan, eg interests and payments moving forward

not an accounting expert.

-- 
cheers,

Gio