This would be in the domain of a Fixed Assets module (which does not exist in
GNC).Sent from my Verizon, Samsung Galaxy smartphone
-------- Original message --------From: David Cousens
<[email protected]> Date: 11/25/18 05:46 (GMT-08:00) To:
[email protected] Subject: Re: [GNC] Australian Initial Setup Q's Your
Home Inventory is presumably an detailing of your personal assetsrecording
their current or market value. How you set them up wil to some extent depend on
your purpose in doing soand whether those assets are the subject of Capital
Gains Tax or not. InAustralia your principle place or residence is not yet
subject to capitalgains tax but other assets you own, investment properties,
cars, boats maybe. In this case you need to preserve in your accounts some
record of theoriginal cost of the asset, changes in its current/market value
such thatits current value is recorded. Presumably most of these assets are
long termassets which you have no intention to sell within the current
accountingperiod so they would normally be recorded as subaccounts of
Assets:FixedAssets. See
https://www.gnucash.org/docs/v3/C/gnucash-guide/accts-oa12.htmlOne possible
procedure is to create a placeholder subaccount for each assetyou wish to
record. That placeholder sub-account would in turn have twosubaccounts which
sum into the placeholder. Assuming the asset is a housefor example the
placeholder account would be Assets:Fxed Assets:House. thefirst subaccount
could be named Assets:Fixed Assets:House:Cost Base. Youwould use an initial
transaction to record either the purchase of the assetwith an appropriate
transfer of funds, creation of a liability for any loanor if you already own
the house outright use Equity:Opening Balances for thetransfer account in this
initial transaction.The second sub-account could be named
Assets:FixedAssets:House:ChangesInMarketValue. you would record increase or
decreasesin the market valueof the house. The second split/transfer account
forsuch transactions would be another equity
accountEquity:UnrealizedGainsOrLosses.The account Assets:Fixed Assets:House
being the sum of these, records thecurrent market value of the House asset. The
transactions required on salearea a final adjustment to bring the asset value
to its actual market valueat sale before recording the transactions of the sale
itself. A secondtransaction (or additional splits in the sale transaction)
records thetransfer of the value from the Equity:UnrealizedGainsOrLosses to
either anIncome account which records taxable income if the item was subject to
CGTor untaxable income if it does not. E.g something
likeIncome:Taxable:CapitalGains if subject to CGT
orIncome:Non-Taxable:CapitalGains if not.A similar approach can be used for
depreciation as discussed
inhttps://www.gnucash.org/docs/v3/C/gnucash-guide/chapter_dep.htmlYou would
need to adjust account names to suit your particular purpose. Theabove is not
accounting advice per se merely an indication of an approachwhich might meet
your needs. If it is not clear and there are any taxationand/or legal
implications it would be advisable to seek advice from apractising accountant
in your area.David Cousens-----David Cousens--Sent from:
http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html_______________________________________________gnucash-user
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