Seller paid closing costs into escrow

[Paul Schwartz]

I'm not sure I understand your question, but 

the arrangement you describe decreases your transaction costs so the total cost of your asset [purchase price + transaction costs] is less than it would have been otherwise. I don't think you have to mess with any of your other asset accounts.

JMNSHO

Paul

----- Original Message ----
> From: Jason Ahrens <jason at cougarcorp.net>
> To: gnucash-user at gnucash.org
> Sent: Monday, April 28, 2008 10:26:21 AM
> Subject: Seller paid closing costs into escrow
> 
> So, this is more of an accounting question than a usability question. 
> I'm hoping someone with experience can help :)
> 
> I just bought a house. Most of the Concepts Guide works great for the 
> basic case, but in the specific case (at least in this state) a number 
> of things go through Escrow on an on-going basis, including a large 
> initial deposit from the closing costs. To this end, I created an "Asset 
> :Escrow" account that deposits go into, and payments go out of 
> (insurance and taxes). That part works fine.
> 
> The sticking issue is that in this case, the seller has paid a good 
> chunk of my closing costs. And of of those "closing costs" is going into 
> the Escrow Account.
> 
> My initial thought was to draw this money from an "Income:Other" account 
> into the "Asset:Escrow" for the house. Would this be correct?
> 
> Jason
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