- KernelSlanders
- May 27, 2013
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Rogue operating systems on occasion spread lies and rumors about me.
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I dunno, I feel like that couldn't be his point because the concepts you're talking about are getting to be outside the scope of budgeting.
Having 1k in cash and in gold for 80 days in this scenario is just a loan of 1k from your credit card (that's where the additional funds come from).
But if you want the net worth to remain the same in the budgeting program then his pile of gold should be an account in itself, then the sequence looks like this:
7/31 - In my CC account: transfer $1000 to Gold account
8/3 - Clear the above transaction
9/20 - In my checking account: record a transfer of $1000 to the CC account (uncleared). This will create an associated ingress transaction in the CC account (uncleared).
9/22 (or 9/24) - Mark the checking transaction as cleared (in YNAB they describe cleared as when the bank "knows" about the transaction, and this is generally how I use it so either date works)
10/1 - Mark the CC side of the transaction as cleared.
The only real difference here is that the net worth number and the available to budget numbers stay the same. Or if you want the available to budget number to go down while the net worth stays the same, make the Gold account off-budget and then when you do the first transfer you again have to choose a category (Survivalist Equipment).
Net worth shouldn't change in those transactions. The purchase creates an offsetting asset (the promise to deliver the gold, then the gold itself once it arrives) and liability (accounts payable). When you pay the credit card bill, you extinguish an offsetting asset (the cash) and liability the account payable charge. I'm not sure how YNAB works for asset accounting, but I'm pretty sure that's how you should book those transactions if you're doing double entry bookkeeping.
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Jul 30, 2013 22:13
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May 6, 2024 09:02
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- KernelSlanders
- May 27, 2013
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Rogue operating systems on occasion spread lies and rumors about me.
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We have a winner. The first time I made an attempt to double-entry, I couldn't get it to balance --- I'm quite certain this is a common thing. Later I discovered that everything worked when the interest I earned from Banco de Isthmus was a different 'account' than the Banco de Isthmus bank account. Double-entry can be very strange if you don't follow the rules.
Understanding that equity is on the same side as liabilities takes a little getting used to.
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Jul 31, 2013 18:13
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Jul 30, 2013 22:13
