On 5/8/2022 11:26 AM, David Long wrote:
Hi, I just tested David's method of creating a new equity account and
crediting the revaluation to that account and debiting the asset account. I
did not attach the new Revaluation Reserve account to an existing equity
account (parent) but I specified it as a new top level account. Either way
works fine, and the revaluation reserve appears where it should on the
balance sheet report.
Cheers
David
This question took longer to get resolved for you because of
misunderstanding.
You really had a gnucash question (and not a question about what could
or could not be put under equity). Gnucash is an AUTOMATION of standard
double entry bookkeeping and with one (for some us major/annoying)
exception* you can do anything you could working the old fashioned way
pen and ink on paper. So yes of course you can create accounts of type
equity. It';d be kind of hard to use for accounting for partnerships
(for example) if you couldn't set up :drawing" accounts for each partner.
IF you were opting to have all transactions entered "journal style"
(like you have to do for splits) it would be exactly like the old days
except "posting" would be automatic and error free and anything entered
out of balance immediately obvious.
My suggestion for anybody experienced doing bookkeeping the old
fashioned way is that IF they are confused by/have trouble with any of
the "shortcuts" gnucash offers, simply don't use those at first. Thus I
set up books for entities without using the "opening balance" feature
(create accounts zero and instead open the books with a transaction just
like in the old days.
Michael D Novack
* The "business features" -- you can't ask for invoices to be produced
unless "accrual basis" with the invoiced amount a "receivable". That
annoys me because doing books for non-profits where often invoices are
wanted (like member dues) but these amounts are NOT receivable (there is
no obligation to renew). This is one of the reasons that many orgs push
"pledge of a monthly donation" and that set up to be automated. A
"pledge" IS legally/technically "receivable".
_______________________________________________
gnucash-user mailing list
[email protected]
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.
