[GNC] Entering my real estate and mortgage?

[R Losey]

Exactly.  We need to keep what records are needed for our particular
circumstances.

On Sun, Sep 29, 2024 at 3:03 PM Patrick James via gnucash-user <
gnucash-user at gnucash.org> wrote:

> Boniforti,
>
> I am not a maintainer/moderator of this list.
>
> The challenge with accounting questions is the accounting standard being
> used. For someone who is new to accounting, it seems as though there should
> be one "right" or "best" answer, but often the "right" or "best" answer is
> situational, and depends on factors such as the organization and accounting
> standard being applied. Even then, goals and objectives might differ, and
> thus when there are options, the "best" choice is a management decision.
>
> If someone asks, "How do you personally do this..." then you avoid the
> challenge, but then you may not be so certain of what went into the
> decision the person made.
>
> Someone might say, "Here is how I account for this given transaction..."
> or "Here is how I would account for a transaction if I were in your
> situation...", and that may be helpful for you. After gathering up a bunch
> of data, analyze it, and then the way to get best advice for your situation
> is to take your information to a professional who can and will represent
> you.
>
> In summary, there are major problems with getting accounting advice on the
> internet, and following poor advice could be very costly in the future.
>
> > On 09/29/2024 11:41 AM PDT Boniforti Flavio <boniforti.f at gmail.com>
> wrote:
> >
> >
> > Hi Stan - I know this is a GC mailing list and not an accounting one.
> This
> > is simply my best way to learn something and get helpful information. If
> > these kinds of questions are OT here, then please excuse me and I'll
> search
> > somewhere else for information.
> >
> > Thanks to everyone replying to my initial question, even though I didn't
> > reply to every single email in this thread.
> >
> > F.
> >
> > https://www.instagram.com/boniforti_music
> > https://soundcloud.com/boniforti_music
> > https://bonny-j.bandcamp.com
> >
> >
> > Am So., 29. Sept. 2024 um 01:06 Uhr schrieb Stan Brown (using GC 4.14) <
> > stan+gc at fastmail.fm>:
> >
> > > On 2024-09-28 14:07, Boniforti Flavio wrote:
> > > > I would enter it as follows (let's assume the real estate total cost
> is
> > > > 500k):
> > > >
> > > > Assets:Fixed Assets:Real Estate - increase 300k
> > > > Liabilities:Loans:Mortgage Loans: - increase 300k
> > > > Assets:Fixed Assets:Real Estate - increase 150k (downpayment)
> > > > Assets:Current Assets:Checking Account - decrease 150k (downpayment)
> > > > Assets:Fixed Assets:Real Estate - increase 50k (reservation)
> > > > Assets:Current Assets:Checking Account - decrease 50k (reservation)
> > >
> > > You do realize this is an accounting question, not a GnuCash question,
> > > right? But there is a GnuCash feature you may not be aware of.
> > >
> > > I'm not sure why you are contemplating three transactions with a total
> > > of six splits, when it's all logically one transaction. You wouldn't be
> > > getting this mortgage if you weren't buying this property, or buying
> > > this property without this mortgage or "reservation" (a Swiss
> > > real-estate term I don't know). I believe that entering them as one
> > > transaction would be more logical, and faster too:
> > >
> > > Assets...Real Estate: increase (debit) 500K (property value)
> > > Liabilities...Mortgage Loans: increase (credit) 300K
> > > Assets...Checking Account: decrease (credit) 150K (down payment)
> > > Assets...Checking Account: decrease (credit) 50K (reservation)
> > >
> > > If you're doing this in an account register, you may need to click the
> > > Split button at the top to open enough fields to make this entry.
> > >
> > > Stan Brown
> > > Tehachapi, CA, USA
> > > https://BrownMath.com/
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-- 
_________________________________
Richard Losey
rlosey at gmail.com
Micah 6:8