Accounting for a Better Life
Gain Control of Domestic Finances
A New Approach
to Domestic Bookkeeping and Accounts
Errata
Page
134: 1st 4 bullets:
Replace, as follows:
An asset increase (debit/income) and a liability increase
(credit/expense)
An asset decrease (credit/expense) and a liability
decrease (debit/income)
An asset increase (debit/income) and an asset decrease
(credit/expense)
A liability increase (credit/expense) and a liability
decrease (debit/income)
Page 236:
Add after last paragraph:
To summarise, the DW account as a liability account, represents the
Domestic Estate and is in effect, owed to the eventual beneficiaries of
this estate – who might be one of the current co-owners!
Contributions to increases of the estate, accumulated in the Categorised
Domestic Increases (LW) account are more of this same type of liability
which will eventually be passed through the LQDC account and along with
other positive and negative contributions, on to the LQDW account. The
negative contributions will mainly come from the Categorised Decreases
(AW) account which of course, is an asset working account. It is an
asset account because it accumulates the debit or income postings halves
of the double entries corresponding to lots of credit or expense
postings from decreases in an AC bank account or increases, for more
liability, in LC credit card accounts.
[Return to
the Top]
copyright
© 2006
John Passmore
|