The seller credits are some kind of discount offered by the seller. but as far as I know, these credits can only be used to cover your mortgage expenses. In the closing statement, the selling price is still 1000k. If the credits are more than the expenses, the extra money will be used to reduce the principle.
And i agree that directly subtract it from total price is the simplest way doing it. thanks for sharing your thoughts! On Thu, Jan 4, 2024 at 22:06 Martin Michlmayr <[email protected]> wrote: > I'm not sure what "50K credits" is, but I guess the seller gave you a > discount? > > If the house price was discounted by 50k, arguably the house price > wasn't worth 1000k but 950k. > > Alternatively, if you think the house price is really 1000k, you can > use an Income: account. Some people say using an income account for > non-taxable income feels wrong, but I don't see why and it certainly > makes sense if you look at the accounting equation. > > For example, I sometimes use Income:Rewards:Voucher if I get a > voucher/coupon for a discount > > 2024-01-05 * "Supermarket" "Food" > Expenses:Food 10.00 EUR > Assets:Cash -8.00 EUR > Income:Rewards:Voucher -2.00 EUR ; 2 off coupon > > That makes perfect sense to me because the item *was* 10.00 EUR > and the only reason I only needed 8 EUR in cash was because I > had a voucher - the voucher is basically like money in this case. > > OTOH, if the shop discounted the 10 EUR product to 8 EUR for some > special occasion (e.g. Christmas), I would have just booked it as an > expense of 8 EUR. > > So you need to make a judgement call as to how to model your > transaction. If the seller gave you a discount, I'd argue the house > price is 950k. But if e.g. you got some non-taxable government > credit, sure, book the full 1000k plus the 50k credit. (That would be > the case for EV cars where some countries give credits; I haven't > heard about this for houses except maybe for solar cells and other > "green" enhancements like that.) > > Martin > > > * flyaway <[email protected]> [2024-01-04 21:32]: > > Hi, > > I have been using beancount to track my family finances for more > than 1 year. > > I just purchased a new house recently. I got 50K credits from my > seller. > > I wonder how can I book a transaction that can reflect the these > credits? > > > > Without credits, the transaction can be as simple as: > > > > Assets:Bank:Checking -200,000 USD > > Assets:Bank:Checking -10,000 USD > > Liability:Mortgage -800,000 USD > > Assets:House 1,000,000 USD ; The purchase > price > > Expenses:House:ClosingFee 10,000 USD > > > > > > But with credits, how should I book this? I feel not right to book > the credits as an income. One thing I can think of is directly subtract the > credits from the purchase price. But this way I will lose the credits > information. Anyone has a good idea how to book the seller credits? > > > > Thanks! > > > > > > > > > > -- > > You received this message because you are subscribed to the Google > Groups "Beancount" group. > > To unsubscribe from this group and stop receiving emails from it, send > an email to [email protected]. > > To view this discussion on the web visit > https://groups.google.com/d/msgid/beancount/1AA015A1-C26D-428C-8297-F97473AF471F%40gmail.com > . > > -- > Martin Michlmayr > https://www.cyrius.com/ > > -- > You received this message because you are subscribed to the Google Groups > "Beancount" group. > To unsubscribe from this group and stop receiving emails from it, send an > email to [email protected]. > To view this discussion on the web visit > https://groups.google.com/d/msgid/beancount/20240105060623.GA295708%40jirafa.cyrius.com > . > -- You received this message because you are subscribed to the Google Groups "Beancount" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To view this discussion on the web visit https://groups.google.com/d/msgid/beancount/CACDkcs9v-DQMKMR%3D0WsRoCZzsoCtGr_nJe_bd3ti%3DnJi8XxGOQ%40mail.gmail.com.
