2012-12-19 GnuCash IRC logs
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01:11:19 <maodun> I'm having trouble understanding the function of the Equity account
01:11:36 <maodun> I googled an example here: http://gnucash.1415818.n4.nabble.com/Equity-type-accounts-td1415968.html
01:12:25 <maodun> basically, someone transfers money from one asset account (checking) to another asset account (vehicles) when he purchases a truck, so there is no change in the equity account
01:13:05 <maodun> but when the truck breaks and he disposes of it (let's say for zero), what kind of transfer should take place?
01:14:30 <maodun> it seems to me that there should be a transfer from the vehicle assets account to an expense account
01:14:51 <maodun> so expenses should increase and assets should decrease
01:15:47 <maodun> if i carry through with this, the equity account remains untouched
01:16:28 <maodun> but intuitively it seems to me that the destruction of an asset should result in decreased equity
01:16:35 <maodun> what am i missing?
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07:39:06 <warlord> maodun: You're missing that Income and Expense accounts are also "Equity".
07:39:56 <warlord> The Equity Accounts show you the Equity at one specific point in time, namely when you started your accounting. To see your Instantaneous Equity at any particular point in time you need to run a report to compute it, like the Balance Sheet report.
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12:11:42 <maodun> warlord: thanks. I actually figured out what I needed to do was "Close Book", which makes a finally transfer for both income and expenses to the equity account
12:12:31 <warlord> Yep, that rolls up your Income and Expense accounts into Equity to update the equity account "point in time" to the closing date.
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16:22:02 <Bob1> greetings, folks
16:23:32 <Bob1> I would like to know if there is a good way to keep a paper ledger on accrual basis? or do I have to keep it on a cash basis?
16:25:35 <warlord> Bob1: the business features (Customer Invoice/Vendor Bill) are already accrual.
16:25:52 <warlord> (strangely, usually people ask how to convert it to cash)
16:27:27 <Bob1> what are the reason one would want to convert to cash?
16:29:22 <warlord> Because most people have to report taxes based on cash
16:30:42 <Bob1> ok, thank you for your prompt answers
16:30:52 <Bob1> have a nice day
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