Same way as on paper.
Both of those are expenses. There may be a way to do that with
sub-accounts though. I think some folks use an 'accumulated
depreciation' sub-account to not affect the main asset account for that
item.
The same might be possible with the financing expenses, but are those
really expenses of that particular asset? It was used as collateral to
finance something *else* so I would think those financing costs are part
of acquiring *them* and not the collateral.
Regards,
Adrien
On 1/28/23 9:19 AM, Kalpesh Patel wrote:
Need some thoughts here as to how-to setup my accounts. Disclaimer: this may
somewhat dwell into accounting side as well but given the wide breadth of
the user community wanted to hear all different ways to do setup GNC to
track everything down to last cent if possible.
Situation is as follows:
- An asset was purchased with cash
- Took a loan out against it a year later
- The loan was refinanced 8 years later which paid off two other
assets in the process in addition to previous loan
- The loan was refinance again one year later which paid off
previous loan plus it helped finance another asset
How should accounts be set up in GNC if someone wants to track the cost of
financing plus the appreciation/depreciation that may be taking place along
the way.
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