Are you familiar, at a very basic level, with how double-entry accounting works?
The only kind of double entry accounting I know is how to fanagle the books to make it work
Sounds like my first night doing accounting homework
I hope so...I have a MBA.
As a financial analyst I have to know how it works. It's logical.
BAc degree and worked as an accountant.
Got my undergrad degree in accounting... Yep
No. I'm allergic to anything resembling finances. (Not to math, though.)
T Accounts baby
I've had several accounting courses and know that I used to know. Unfortunately, I no longer remember.
Yes I'm an accountant.
Yes, and exactly the way you put it: at a very basic level, left over from Accounting 101 30ish years ago. I've never actually done anything remotely like it outside of exercises in that class.
Not yet. I haven't even taken Econ
Yup. Asset and liability groupings make for a better system to reconcile discrepancies.
Yes, makes my job easier.
Being an accountant I'm more than at a basic level 😃
I wanted to be an accountant, but programming came along. I still really love it though, but I wish I could explain to my wife how it works. Haha, she doesn't quite grasp how our budget works now...
I gave an accounting degree, not currently using it, but would like to at some point
Yep! I took an accounting class in high school and another in college.
My brother went to Pace for accounting ) he was a CPA) and I followed in his footsteps. hated it! Became a computer programmer in 1965.
Oh nice, I didn't know you were a programmer. I'm one now, but I don't really enjoy programming all that much. I'm much more interested in database design and management.
I started in 1965. Became a manager/director in the late 80. My son is the chief software architect for a large firm. Advice. Learn every aspect of your business, treat them as internal customers, respect them, ask questions.
I've started using double-entry accounting for my personal finances and I keep track of things on an accrual basis now. It's been amazing, I now see why businesses do things this way. Unfortunately, haha, no one else I've talked with even understands
how that could work.
Do you use software for that?
I'm using gnuCash right now, a free software. It's pretty good, but it doesn't have quite the reporting I want and the budgeting functions aren't solid. I'm thought about programming my own solution, but that's a lot of work.
This is all a lot of work, is there really a need for accrual based personal finances? Understanding your cash flow is what I would guess is important, like understanding when you need to have cash ready for car insurance...
Accrual based personal finance is worth it, I promise.
I feel you man, I tried to explain double entry accounting to my roommates but I could never get them to understand haha.