equity fund accounts

[Maf. King]

On Sunday 09 January 2011 13:46:44 Marilyn Graves Kimple wrote:
> On Jan 8, 2011, at 2:03 PM, David T. wrote:
> > Please note that I Am Really Not An Accountant, but ...
> > I'm pretty sure you're misusing the term 'equity' here.

>
> It would ordinarily go into the bank account (asset) and an income account.
> My example would be special income, like a gift that I would post to my
> 'personal allowance' equity account, if I could set one up.
>

When I receive a gift of money, I have a transaction between income:gift and 
Assets:Bank:reserved_Savings.

Were I ever to be given a non-cash asset, eg Rich old Uncle Fester leaves me a 
Van Gogh in his will, then I suppose the txn would be between Income:Gifts 
and Asset:Artworks.

I can't see how equity (in the GC sense) is involved at all. in both cases, my 
net worth goes up (which is kinda "equity"), but I don't involve the GC 
equity accounts tree.

HTH,
Maf.