Accounting question

[andrewrost3241981]

Thank You.



Derek Atkins wrote:
> 
> This really should be a FAQ.   There's Instantaneous Equity and
> then there's your Equity at a point in time.  The Equity Accounts
> show your Equity only at a point in time, generally the point in
> time of when you started accounting, or at a future date if you
> "close the books".
> 
> To get your Instantaneous Equity you should run a Balance Sheet report.
> 
> -derek
> 
> Quoting andrewrost3241981 <andrewrost3241981 at gmail.com>:
> 
>>
>> Hi,
>>
>> I have a question about accounting using gnucash.  I set up the program
>> and
>> all of my accounts.  The question I have involves my checking
>> sub-account, a
>> sub-expense account for medicine, my asset account and my equity account. 
>> I
>> transfered $19.72 from my savings account to my checking account to pay
>> for
>> some medicine.  Afterwards my equity and my assets were still equal. 
>> Then
>> when I wrote a check for my medicine, I transferred the money from my
>> checking account to an expense account for medicine.  After this
>> transaction
>> my assets decreased and my expenses increased.  However my equity stayed
>> the
>> same.  If equity is "net worth", shouldn't my equity have decreased?  I
>> have
>> no liabilities, so shouldn't my assets and equity be equal?  I know that
>> assets does not alway equal equity, but since I have no liabilities I
>> would
>> think they would be the same.  In this case, shouldn't my assets and
>> equity
>> be equal?
>>
>> Thanks.
>> --
>> View this message in context: 
>> http://www.nabble.com/Accounting-question-tp15034169p15034169.html
>> Sent from the GnuCash - User mailing list archive at Nabble.com.
>>
>> _______________________________________________
>> gnucash-user mailing list
>> gnucash-user at gnucash.org
>> 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.
>>
> 
> 
> 
> -- 
>        Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
>        Member, MIT Student Information Processing Board  (SIPB)
>        URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
>        warlord at MIT.EDU                        PGP key available
> 
> _______________________________________________
> gnucash-user mailing list
> gnucash-user at gnucash.org
> 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.
> 
> 

-- 
View this message in context: http://www.nabble.com/Accounting-question-tp15034169p15034447.html
Sent from the GnuCash - User mailing list archive at Nabble.com.