On 12/27/2021 10:26 PM, Juan F. Saa wrote:
Does anyone use GnuCash to keep track of wholesaling/flipping of Real
Estate properties?
In Quickbooks this is done by entering each property as a 'class', as
described here
That's an "add on" to standard double entry bookkeeping. Standard double
entry bookkeeping allows just ONE hierarchy for the CaO.
BUT --- if it really important to be able to associate expenses (and
income) with a particular project, if you are needing reports based on
that to be easy vs reports that group expenses, you CAN set up your CoA
to accomplish that. It's your choice.
The key thing to understand is that the only real difference between the
"temporary" accounts we call "expense" and "income" is that the balances
of the former are usually debit while the latter normally credit, and
that gnucash provides a report that groups them that way (all the
incomes together, all the expenses together. If you are not required to
report that way, can afford to make THAT harder .....
You can instead group by "house" )project) in the chart of accounts, say
under "income". Then the expenses of that project will be contra
accounts (accounts whose "type" will be "income" but whose balances are
debit. Now you can run a report that will show you the profit (say
rental income minus all expenses) for THAT house in the Income and
Expenses report.
You can also use the standard structure and run a report for each house
by selecting just the accounts belonging to that house. Understand, what
Quickbooks was doing was allowing you to set up for that in advance (
the selection criteria; just report on THAT "class")
Michael D Novack
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