On 11/11/2024 1:15 AM, Patrick James via gnucash-user wrote:
If I found something of value that was included in a past transaction, such as
that nice William Woodard artwork in the attic, then I'd adjust the description
of what was purchased as 1 house and a couple of paintings.
I picked that example precisely because finding those paintings does not
affect the cost basis of the house. Nor did you acquire them when you
contracted to purchase the property (because you purchased it) but
because they had been left there, later found*. Nor are the rules for
figuring capital gains on these two different kinds of property the
same. For example, when/if you sold the house you occupy for a gain BUT
within a certain amount of time bought another house for as much or
more, you do not have to record a gain (and pay tax on that). But
if/when you sold the paintings, you would have a gain even if you bought
other paintings with the money.
Are you just wanting to consider the DATE to be assigned to the
transaction bringing the paintings onto the books? If you chose to
backdate then all the past balance sheets wrong (would change if you
reran them). In formal bookkeeping, you do not CHANGE an existing entry
but instead enter a correcting transaction, usually with the date the
correction is made. You aren't indicating that a change in equity is
involved.
Michael D Novack
PS: Also keep in mind that transactions affecting income and expense ARE
changes to equity as those are "temporary" accounts of fundamental type
equity, Just being deferred until "close the books" (which could be
forever for gnucash users)
* Not part of the contract to purchase the house -- Both parties to the
transaction ignorant as to the existence of the paintings.
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