how to balance?

[Anthony BARKER]

I am buying a building with a friend AK and can't seem to do the journal entries correctly

2020-05-01 * "Aquisition lawyer AVOCAT"
    Expenses:Unit101:Acquisition:Legal             -5000.00 EUR
    Equity:AK            

 2020-06-20 * "payment "
    Assets:FR:Unit101:PropertyPrepay              +28000.00 EUR
    Equity:AB      

2020-05-19 * "payment"
    Assets:FR:Unit101:PropertyPrepay               +20000.00 EUR
    Equity:AK   

The Equity for AK looks like he only contributed 15000 not 25000

if I make equity positive it balances but there is a huge conversion.

Or do i have to double journal - equity to cash and then cash to expense?

[Martin Blais]

Anthony,

We're going to need much more details.

First, there's only a single currency in your example, so no conversion is possible, surely you've got other transactions.

How are you planning to organize this?

Are planning to just track your own share of the shared investment, or are you going to create a shared ledger for it (the preferred way)?

How are you going to split expenses?

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[Tuno Tunante]

Hi Anthony,

I don't see any problem. Everything works fine. 

Just, if AK paid something for the lawyer fees, should be Expenses:.... +5000 EUR

if AK put money in a kind of PropertyPrepay go outside the pocket of AK so, Equity negative and Assets positive.

If I do the new file:

2020-05-01 * "Aquisition lawyer AVOCAT"

Expenses:Unit101:Acquisition:Legal 5000.00 EUR

Equity:AK

2020-06-20 * "payment "

Assets:FR:Unit101:PropertyPrepay +28000.00 EUR

Equity:AB

2020-05-19 * "payment"

Assets:FR:Unit101:PropertyPrepay +20000.00 EUR

Equity:AK

; now Equity:AK = -25000 EUR

; In Assets:FR:Unit101:PropertyPrepay you have 28000 EUR

;

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[Martin Blais]

One template for creating a shared project is described here:

https://docs.google.com/document/d/1FRcJqUfeAMQO6KjG94w6rF7VajMGJaFplmF1Wu0rCHY/

Basically, a dedicated ledger is created for the project.

Contributions by each participation is accounted as income postings.

Expenses and Assets are implicitly shared.

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[Anthony BARKER]

Thanks for the fast replies and the example

Everything is euro

In your screenshot everything looks good

but in fava it looks a bit different

The plan is to keep everything simple and just charge equity so we know how much each of us put into buying the building.

Also we can see the details on the costs if we do another flip down the road.

[Anthony BARKER]

[Anthony BARKER]

Trying again with the image on a text version in the event it doesn't work

1. Assets48000.00

2. Equity-43000.00

   1. AB-28000.00

   2. AK-15000.00

3. Liabilities

4. Expenses-5000.00

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[Anthony BARKER]

Sorry for being so quick to respond again on fava

Changing it to a plus makes it balance but then net profit is positive

[Tuno Tunante]

OK... Now I understood a bit your problem and your error.

You cannot use Equity for what you are looking for. Income AK is what goes from you to the business. 

Your new file:

2020-05-01 * "Aquisition lawyer AVOCAT"
    Expenses:Unit101:Acquisition:Legal              5000.00 EUR

    Income:AK

 2020-06-20 * "payment "
    Assets:FR:Unit101:PropertyPrepay              28000.00 EUR
    Income:AB

2020-05-19 * "payment"
    Assets:FR:Unit101:PropertyPrepay               20000.00 EUR
    Income:AK

Now everything is OK... I hope! ;-)

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