Gilberto, 1. You would normally make the adjustment between the account for the mutual fund and equity to bring the balance into agreement with a statement. Income and Expense accounts are in accounting terms a temporary equity accounts where temporary denotes pertaining to the current period. You would record the adjustment when you become aware of the need for it, which would limit the likelihood that the amount of any adjustment is likely to be material - i.e. affect whether your accounts represent a true reflection of you financial position. Corrections of a few cents are not likely to be material but a $100 correction is definitely likely to be.
If the corrections pertain to only the current financial year, you could use an income or expense account as appropriate for the direction of the correction. If the correction covers differences accumulated over over more than the current financial period, then it would probably be more appropriate to adjust to equity. These would also be typical of the adjustments made after forming a trial balance during the close books procedure in accounting practice and would likely be made after combining Income and Expenses to an Income Summary account (Income - Expenses) during that procedure. Main thing is to annotate the correction describing what it is correcting and what period(s) it pertains to. 2. Really the same sort of considerations as in 1. The usual disclaimer applies. This should not be considered as accounting advice and you should consult an accountant in your jurisdiction for specific advice where required. David Cousens ----- David Cousens -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
