On 12/29/2018 6:13 PM, David Cousens wrote:
Stan,
The main thing is your books are telling you what you need to know and it is
working for you. i get your point about net worth. It should be possible to
generate a custom report which will just calculate that without having to
close all the equity accounts to a single accoun to achieve that.
David.
And in the GENERAL case, "net worth" can be tricky. For some, major
assets might be intangible and/or conditional.
In cases like that, you might need to keep more than one set of books.
Not in the illegal sense but one set in terms of what your jurisdiction
considers real income/assets and another to include these other factors.
To give a very obvious example, in as far as I know all US
jurisdictions, increase in equity of one's primary residence is not
considered income (and only conditionally a capital gain) and for many
of us this can be a very large component of net worth. Even when this
is just income/expense might be important in order to compare job
opportunities, etc. (let's say one of these included seriously major
"benefits" like housing, vehicle, etc. that are not considered part of
income by the jurisdiction).
Michael D Novack
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