How difficult is it (really) to reorganize a Chart-of-Accounts after the fact?

Wm wm+gnc at tarrcity.demon.co.uk
Sat Jan 3 13:20:56 EST 2015


Sat, 3 Jan 2015 08:08:02 
<CAF_dkJBnRyuUsRgcwj8QJ+CxpRPiXLOvT6HY+2NxJm1fZ3JJ3w at mail.gmail.com> 
Patrick Doyle <wpdster at gmail.com>

>More seriously, I don't have any background, nor training in
>accounting.  But I do understand algebra.  When I saw:
>
>Assets - Liabilities = Equity + Income - Expenses
>
>I did the algebra thing, changed some labels, combined some terms, and
>came up with:
>
>Bank Account(s) - Credit Card Account(s) = Bucket Accounts
>
>Then I went back and tried to figure out how to apply my world view to
>that of gnc.

If you understand algebra why do you think you get the basic accounting 
equations wrong?  When I was at school the clever kids did maths and the 
dumb ones did accounting.  How come you got to do algebra but have 
remained so uneducated about whether a bit of money is yours (asset v 
equity) or not ?

>At this point, I think it's time for me to get some amount of
>accounting education and to use more common financial practices,
>instead of inventing my own practices, with my own terminology and
>having a community-of-one (myself) with whom I can discuss any issues
>I have.

the buckets are OK for spendthrift financial management households but 
get less used as you do well and find something left at the end of the 
month and think, "what will we do with that?"

-- 
Wm...


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