Silly Question: Which William Woodward made those paintings? The one born in Seekonk, Massachusetts <https://en.wikipedia.org/wiki/Seekonk,_Massachusetts>on May 1st 1859 or the one born in Washington, D.C in1935?
On Sun, Nov 10, 2024 at 4:28 PM Michael or Penny Novack via gnucash-user < gnucash-user@gnucash.org> wrote: > > The Equity account is (generally) only used for opening balances before > > you start accounting. Once you get going, any account opening would > > necessarily have a counter/balance account. For example, if you open a > > Car Loan, the counter-account would be the Car (Asset), and possibly some > > Tax & Fee Expense account(s). > > No, well not exactly. > > a) The only reason it might seem so for individuals and sole > proprietorships is that most of us are not doing a periodic "close the > book" nor do many of us have "journal" transactions (adjustments). It is > only because software like gnucash can give us reports WITHOUT actually > closing that we usually don't have equity transaction. > > b) Partnerships, corporations, etc. would have MANY equity transactions. > These weren't needed when just ONE owner (of the equity) but when split > among many, have to account for that, how much of equity to each. > > But you will probably want an example of a "journal entry" transaction. > > You bought your house a few years ago, but until now, never got around > to clearing all of the junk out of the attic. Among that junk you find a > couple of paintings, and gee, William Woodard. So not a fortune, but you > are probably going to want to add an asset category "art" and put these > there at a reasonable estimate of what they might go for (and don't > forget to contact your property insurance carrier. > > Now this "find" is NOT income. The pictures became your property when > you bought the house and they had been left there (and so included). The > transaction where you enter their asset estimated value would have > equity as the other side. > > Michael D Novack > > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > -- David Carlson _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
