[GNC] Contingency Funds was: Re: How to record Personal income tax ?

David Cousens davidcousens at bigpond.com
Wed Mar 25 17:56:36 EDT 2020


Long,

I think Michael has explained fairly well that virtual accounts are not
simply tricks but different ways of doing different things. 

In some sense all of accounting is just tricks for making sense of our
finances. The most important criteria is "Is it telling you something that
is useful to you in managing your money? If it is then it is fine, if not it
is a waste of time. 

There are some fundamental principles common to all branches of accounting
that are largely embodied in the basic structure of GnuCash and on top of
that a lot that is useful in particular sets of circumstances. It is worth
getting a good grasp of the fundamental principles which are usually in the
first few chapters of most accounting textbooks.

Good Luck

David



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David Cousens
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