Hi,
I have a question that I haven't seen asked before, and I'm wondering
how best to approach since I'm sure someone's dealt with this before.
Based on previous posts to the list [1] I track the value of my house
as an asset (e.g. "MAIN-ST-123") and occasionally add price directives
to update the price. We're planning on doing some major improvements
such as adding air conditioning that will increase the value of the
house. It's easy to update the price, but what's the best way to
track the cost of the improvement (the other leg of the transaction
where I pay the contractor)? I'd rather not book it as an Expense
since that will throw my income statement off. Should it be booked
against an Equity account instead, like this, along with a new price
directive?
2017-10-01 * "install air conditioning"
Assets:Bank:Checking -5,000.00 USD
Equity:Main-St-123:Capital-Improvements
The other reason I'd like to track this is that it increases the cost
basis of the house, which I'd like to track for when we sell it.
Thanks,
Cary
[1] https://groups.google.com/d/msg/beancount/bw6xa-xa7Kc/Hm-Igmq1CwAJ
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