Recording one-time purchases

[Manfred Usselmann]

On Mon, 07 Mar 2011 16:52:11 -0500
Michael DeBusk <mdebusk at nlphilia.com> wrote:

> nj1024 <dieselmike512 at gmail.com> wrote:
> 
> >Is it correct to create Asset accounts for furniture (and other
> >"significant" goods)?
> 
> It is correct either way. It depends on how closely you want to track
> your net worth.
> 
> It also depends on how nice the furniture is. If you buy antiques,
> you'll definitely want to track them as assets; compressed sawdust
> stuff from Walmart, not so much.

But if you book them as assests, don't forget to depreciate them
regularly. Otherwise you assets will not reflect your actual property 
since the current market value will usually decrease over the time
(With antiques it may be different).

Manfred 


-- 
Manfred Usselmann <usselmann.m at icg-online.de>