On 5/5/2024 11:55 AM, ph hermes wrote:
what are the accounts you have set up in assets? it sounds like you only
have your equity balance. in my asset section, i have all my bank accounts,
petty cash, etc. as well. and i have separate accounts for each of my
equity assets (often sub accounts)... not just 1 account called equity.
Equity assets?????
a) Equity reflects OWNERSHIP. You can indeed have sub accounts under
equity, and need them when there are multiple owners (partners,
shareholders, etc.)
b) You may be confusing "equity assets" (assets that represent equity in
something) and "equity" in your books. Under "assets" you could have
investment assets that are of type "equities" meaning representing an
ownership interest in something (stocks, for example) as well as ones
that are of type "liability" (some entity owes you something, say a
bond). Do not confuse with "liabilities" and "equity" in your books.
Keep in mind "from whose perspective". From YOUR perspective those
investment holdings are just assets (though you might want them under
separate parents).
Michael D Novack
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