> I buy $1,000.00 US in e-gold. The price of gold goes down. I use $100.00
> of e-gold to buy something. I now have a transaction that needs to be
> accounted for. In this case I will incure a capital loss, and say still
> have $850.00. Then someone buys something from me, and pay me in e-gold,
> $100.00. This is an income transaction. However, the price of e-gold
goes
> back up to what it was when I first bought my gold. I have more or less
> $1,000.00. If I buy something else, what is the basis for the
transaction.
Each transaction should be listed as a purchase or a sale of e-gold! You can
list the item purchased or sold in the memo field. If I buy $1000 US in
e-gold, this goes in as an e-gold purchase, as it should. If I then SPEND
$100 to Joe Blow for a used copy machine, then this goes in as a SALE of
e-gold at the current exchange rate. If you want to list the copy machine as
an EXPENSE, then you will need to flag the transaction in some way, as an
expense, or you may need to list it on a separate line. (If you have to list
it in a separate location, or on a separate line, as an expense, then I see
where you're coming from. You may need to make a double-entry for all
itemized expenses.)
Craig
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