Question: If I have a house as an asset and the value of that house change, is it then possible to update the value of the asset and even get historical data of the house value change over time? With other words, I don't want to change the start value of the house, as this would prevent keeping track of historical value, right? And I don't want to make a transaction to the bank as no transaction is made, it is just a change of value.
All best,
David
Answer: Yes. You can do that by adding transactions.
First, create an "Asset appreciation" account of type "Startup". "Asset appreciation" is an arbitrary name, choose whatever you prefer. Note that it is essential you set it as type "Startup".
Then:
- To increase your asset value, add a transaction from the "Asset appreciation" account to your asset account
- To decrease your asset value add a transaction from your asset account to the "Asset appreciation" account
No bank is involved here. You are just updating the asset account without modifying its original starting value.
Also, you can create reports or charts and see how your asset value evolves as time goes on.
iCash is a software intended to control your personal finance, keeping track of incomes, expenses, credits, debts and Banks transactions for you. As simple as creating the accounts you need and move money between them! You don't even need to know about accounting or even care about it! Your finances depends largely on good organization that lets you know where your money comes from and to where it goes.
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