Buddha Buck wrote:
> Obviously, this is something that accountants using double entry have
> had to deal with for 700 years or so...
>
> The solution is to use an equity account. In my Chart of Accounts, I
> have an equity account called "Net Worth". So when I said "I started
> with $20,000 in student loan debt", I transfered that $20,000 from net
> worth. Similarly, my starting bank balances were transfered from net
> worth.
>
> It shouldn't bother a balance sheet, since traditionally balance sheets
> have balanced assets against liabilities and equities. It doesn't
> bother income statements because income statements don't look at equity
> accounts either.
Hi
Sorry for the buggy subject...
I studied accounting for 3 years, but only the Swiss method. It's a
double entry accounting with journaling.
It's something like that:
Journal:
2/1/00 cash from dispenser
Cash:
1/1/00 initial value 150.- 0.-
2/1/00 cash from dispenser 300.- 0.-
31/12/00 value to report 450.-
-----------------
450.- 450.-
=================
Bank
1/1/00 initial value 2000.- 0.-
2/1/00 cash from dispenser 0.- 300.-
31/12/00 value to report 1700.-
-----------------
2000.- 2000.-
=================
The "initial value" comes from the previous periode and the "value to
report" goes to the next accounting periode.
If you use an equity account for the opennings, your fortune is wrong. I
tried it and my "net worth" was 0 just after opening.
I don't want to do accounting from my birth! And without the possibility
to have initial value it's impossible. Was your fortune null when you
started your studies? It seems it was, if I read your mail ;-)
Linas: The "initial account value" is IMHO very usefull. And the
possibility to "close the account" as well. The last feature will create
a new file with the initial balance of the accounts equals to the final
balance of the current file. The new file will then contain no entry.
Best regards.
--
-°) Patrick Valsecchi
/\\
_\_v http://dante.urbanet.ch/~patrick/index.html
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