I sold a house that is included in my assets manually. Should I manually change the value to zero now that I don’t own it? Or, is there a better way of handling it? I don’t want to hide the account history.
Presumably one of your accounts had the value of the sale added to it, represented by a transaction. Since you also have an account for the home, you should have a transaction in it for the value that left that ‘account’. Both would be transfers.
Checking Account $200000 Transfer In
House 1 -$200000 Transfer Out
This is effectively what I did when we sold our home last year, but slightly more nuanced. Additionally, I used the Paycheck Deduction Transaction Generator to itemize the closing statement to divide the gross sale amount across various expense categories for budgeting and tracking purposes. In the end, your home value should be zeroed out, and you will have a gross income from the sale, less any closing costs. The net proceeds then are deposited into your account(s), increasing the balance(s).
I’m not quite sure if the manual accounts show up the same on the balances sheet but something to keep in mind is if it is closed and no longer actively feeding into the balance history then it will turn red and show ever how many days old in that sheet.
To prevent this i created a duplicate zeroed out balance history entry and for the date, used a formula of =today() so that this problem solves itself.
This is exactly how I handled my house sell. HOwever, once it was sold, I wanted to hide the account I using the Accounts Sheet to hide the account. I still have all the data it just wasn’t sitting there shouting at me to update the account…