equity fund accounts
Marilyn Graves Kimple
mgkimple at yahoo.com
Sun Jan 16 09:20:08 EST 2011
I went ahead and tested this out. (This is my personal accounts, not a business.)
1. I set up my five top-level accounts.
2. I set up my asset & liability accounts with opening balances, which automatically posted to the Opening Balances equity account. (I can't see the purpose of posting to anywhere else, but my needs are simple and I am not an accountant.)
3. I set up equity sub-accounts, for my own 'savings' accounts such as for annual expenses (like insurance & taxes) and to save for a car, a vacation, etc.-- things that will 'roll over' from month to month, unlike expense accounts.
4. I then divided the 'opening balances' total between my equity sub-accounts using a split transaction.
5. I can post directly to these accounts from an expense account (I call it 'accruals', but it is what is left over at the end of the month which I distribute between my 'savings' accounts) or from an asset account. No problem so far.
This does what I want it to do, and I can use some additional features like scheduling payments, reconciliations, and a few reports.
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