Need Help with Household Chart of Accounts

Colin Law clanlaw at googlemail.com
Tue Feb 12 09:38:34 EST 2013


On 12 February 2013 14:33, Mark Phillips <mark at phillipsmarketing.biz> wrote:
> Where would I put the money spent purchasing new dishes, a TV, tableware,
> etc.? Would one really create an asset account for these things, or just
> expense them? What would you name the account(s)?

You only need an asset account if you want to keep track of their
value after purchase.  So for something like a car you might have an
asset account and then depreciate the value over a period till you
sell it again.  For household stuff you probably don't want to do that
so just have an expense account.  I have one Expenses:Household for
such items.

Colin


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