Accounting Question

[Michael T. Garrison Stuber]

Okay, while we're on the subject of the finer points of double column 
accounting, could someone please explain to me what (for personal finances) 
the point of an equity account is?  I know it is used for establishing 
opening balances, but I fail to understand why it gets subtracted out (I 
think) on some of the reports.  Help.  Most everything else (income, 
expense, liabilities, and assets) makes perfect sense to me, but when I 
start wrestling with this one, it makes my brain hurt.  What does it mean 
to me that I have this big negative value in my equity account?  It's not 
like I owe the money to a share holder -- it's my money.  I don't use the 
account for anything else either, so it seems doomed to stay there forever. 
A clear explanation would be much appreciated.  Thanks!