You should speak to a local accountant about how to book asset values for your jurisdiction. But assuming the land’s book value is indeed what you indicated, simply create a transaction like so:
Dr. Assets:Fixed Assets:Land Cr. Equity:Opening Balances Is the advance unearned revenue/income? If so, you’d book it something like this: Dr. Assets:Current Assets:Cash Cr. Liabilities:Unearned Revenue/Income When you ‘earn’ the advance by performing work, delivering goods/services, then you’d enter something like this: Dr. Liabilities:Unearned Revenue/Income Cr. Revenue/Income You can accomplish those two transactions either directly, or using the Business Features. (You’d make a pre-payment debited to Cash and posted to the Unearned account, then later create an invoice with the line-item posting to the Revenue/Income account and the invoice itself posting to the Unearned account) Regards, Adrien > On Sep 10, 2018, at 10:57 AM, RoyUB <[email protected]> wrote: > > Hi, > I am a new user. I an just starting to use Gnu cash. > I have a land worth Rs. 6000000/ > Somebody given me an advance of 1000000/ > I know land is a asset, advance should come to cash account.. etc > But how the equity and all come into this? > How to arrange opening balance in this case? > Thank you. > > > > -- > Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html > _______________________________________________ > gnucash-user mailing list > [email protected] > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
