At Sat, 7 May 2022 11:00:05 -0400 M <m_st...@hotmail.com> wrote: > > I am still learning double-entry accounting, and I need a little help. > > I recently purchased a home, but the price was reduced during > negotiation and a seller credit was applied at closing. > > Agreed Purchase Price: $100,000 > Seller Credit for Repairs: $5,000 > Actual Purchase Price: $95,000 > > When I add this asset, I am stumped.ÃÂ When I increase the asset by > $100,000 and decrease other accounts for cash and loans of $95,000, that > all makes sense.ÃÂ But how do I account for the $5,000?ÃÂ I see it as an > unrealized gain... instant equity provided by the seller. But I need to > debit an account with this amount, so it shows an unrealized gain of > -$5,000. > > Should I simply just increase the asset by $95,000 and not account for > the credit? > > I know I am missing the big picture.ÃÂ Can anyone point me in the right > direction?
What *I* would do is create an account to account (Seller's Credit) for the $5,000. So you debit $95,000 for your payment (your payment account [mortage loan?], debit $5,000 for the Seller's Credit account, and credit the asset for $100,000. I would have this all in one multi-split transaction. > > Thanks to all, > > Mike > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > 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. > > -- Robert Heller -- Cell: 413-658-7953 GV: 978-633-5364 Deepwoods Software -- Custom Software Services http://www.deepsoft.com/ -- Linux Administration Services hel...@deepsoft.com -- Webhosting Services
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