First off I'll say I have no formal accounting training so I don't really understand accounting terminology or how it is represented in GnuCash.
I understand the basic idea that Equity = Assets - Liabilities, but I'm unsure how this should be entered in GnuCash. Specifically, my question is; how do I know if something I have should be recorded in an Asset account or an Equity account? For example, our house. The documentation says an asset is something I own. That would mean our house should go in the Asset account, correct? But the documentation also says equity is my overall net worth. If I don't owe anything on my house, should it be recorded in an equity account instead of an asset account? What about a car, should it be recorded as an asset or equity if I own some of it but have a loan on it as well? Sorry for asking so many dumb questions but my head is about to explode!! ;) _______________________________________________ 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.
