Your Home Inventory is presumably an detailing of your personal assets recording their current or market value
. How you set them up wil to some extent depend on your purpose in doing so and whether those assets are the subject of Capital Gains Tax or not. In Australia your principle place or residence is not yet subject to capital gains tax but other assets you own, investment properties, cars, boats may be. In this case you need to preserve in your accounts some record of the original cost of the asset, changes in its current/market value such that its current value is recorded. Presumably most of these assets are long term assets which you have no intention to sell within the current accounting period so they would normally be recorded as subaccounts of Assets:Fixed Assets. See https://www.gnucash.org/docs/v3/C/gnucash-guide/accts-oa12.html One possible procedure is to create a placeholder subaccount for each asset you wish to record. That placeholder sub-account would in turn have two subaccounts which sum into the placeholder. Assuming the asset is a house for example the placeholder account would be Assets:Fxed Assets:House. the first subaccount could be named Assets:Fixed Assets:House:Cost Base. You would use an initial transaction to record either the purchase of the asset with an appropriate transfer of funds, creation of a liability for any loan or if you already own the house outright use Equity:Opening Balances for the transfer account in this initial transaction. The second sub-account could be named Assets:Fixed Assets:House:ChangesInMarketValue. you would record increase or decreases in the market valueof the house. The second split/transfer account for such transactions would be another equity account Equity:UnrealizedGainsOrLosses. The account Assets:Fixed Assets:House being the sum of these, records the current market value of the House asset. The transactions required on sale area a final adjustment to bring the asset value to its actual market value at sale before recording the transactions of the sale itself. A second transaction (or additional splits in the sale transaction) records the transfer of the value from the Equity:UnrealizedGainsOrLosses to either an Income account which records taxable income if the item was subject to CGT or untaxable income if it does not. E.g something like Income:Taxable:CapitalGains if subject to CGT or Income:Non-Taxable:CapitalGains if not. A similar approach can be used for depreciation as discussed in https://www.gnucash.org/docs/v3/C/gnucash-guide/chapter_dep.html You would need to adjust account names to suit your particular purpose. The above is not accounting advice per se merely an indication of an approach which might meet your needs. If it is not clear and there are any taxation and/or legal implications it would be advisable to seek advice from a practising accountant in your area. David Cousens ----- David Cousens -- 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.
