2014-11-02 GnuCash IRC logs
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10:50:42 <programmerq> Hello. I just leased two brand new cars. I am not sure how to set that up in gnucash. with a regular loan, I would add the car as an asset, and the loan as a liability. Is that what I should do with a lease?
10:51:09 <programmerq> or is there a better way to reflect a car lease than as a liability?
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11:09:06 <jralls> programmerq: A car lease is a recurring expense, like rent on a home. There's no interest and no transfer of ownership. Just set up a scheduled transaction for each lease payment for the period of the respective lease.
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11:14:51 <programmerq> jralls: one reason I am tempted to set it up as a liability is because I can turn around and sell the car at any point, and buy the lease out, just like I could with a loan. Additionally, if I do go through with the lease, I would "owe" a buyout amount that can be paid by returning the car, or by selling the car (especially if I use it as a tradein for another vehicle)
11:15:00 <programmerq> stuff like that aren't really options if I go and rent an apartment
11:15:11 <programmerq> so at least with the terms of my lease, it feels kind of like a loan.
11:15:28 <programmerq> so if I add up all my payments, and that buyout amount, that would be the amount of the liability
11:15:31 * programmerq shrugs
11:15:41 <programmerq> <-- not an expert on this stuff :)
11:18:37 <jralls> programmerq: Me neither. For expert help hire a CPA.
11:22:00 <jralls> You certainly can make it a liability if you want. The trade-off is that in that case you recognize the purchase expense up front, offset by creating the liability, then your SX payments reduce the liability instead of increasing the expense. Assuming these are personal and not business vehicles there's no tax difference, so it matters only to you which way you handle it.
11:24:47 <programmerq> jralls: yeah, these are personal. if it was for my business I'd be calling my CPA since there would indeed be tax implications.
11:25:17 <programmerq> he isn't as helpful when it comes to general bookkeeping questions though
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11:25:23 <programmerq> jralls: I do appreciate your input. :)
11:29:08 <jralls> If it was outright purchase of a business car you'd make it an asset and offset the value with the liability. You could do that here as well, and set up a depreciation schedule that matches the payments, so that the value of the asset matches the balloon payment you'd have to make at any time.
11:29:48 <jralls> That way would get you a monthly expense to match your payment.
11:30:34 <jralls> You'd just need two more splits in your scheduled transaction.
11:31:25 <jralls> On the other hand, the net effect on your book value would be the same as just treating the payment as an expense and not booking the liability.
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12:02:02 <programmerq> I'll have to look into the depreciation features in gnucash
12:02:08 * programmerq reads the manual
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12:16:41 <jralls> Depreciation isn't a "feature". It's an accounting procedure.
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23:46:37 <CharlesIC> help, gnucash won't start anymore
23:47:01 <CharlesIC> http://fpaste.org/147348/99002114/
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