Domestic Well-Being Accounting

 

Accounting for a Better Life - Errata

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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.

 









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copyright 2006 John Passmore