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Recording a cent that was picked up in the street

Posted by zaleon (My Page) on
Fri, Aug 1, 08 at 1:11

Hi there, I am busy a family project called the Universal Success Plan. Basically the idea is to collect $100 000, starting from nothing. At no point must one put any of your own resources (including money, etc. There are exceptions however) into your efforts. Anyone who wants more information about the Universal Success Plan, can email me. Who knows, we might even start a special forum right here!! My family walked around in the neighborhood, and collected a few cents to get us through the first stages of the plan. Now, to put things on a proper footing right from the start, I want to apply proper accountancy principles to the best of my ability. This is my question: If one picks up a cent, how would you record such a transaction according to the double entry accountancy system. In other words, which account is debited, and which one is credited?


Follow-Up Postings:

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RE: Recording a cent that was picked up in the street

This sounds very much to me like a pyramid type of scam and I would stay far away from it (the 'question' in the last sentence I think is just there to get you 'involved' and responding to the poster).


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RE: Recording a cent that was picked up in the street

Hi there Lucy
After many years of using the internet, I find your comment a little bit disarming. Let's step back a little bit and look at what I am asking. Basically, I am looking for advice to help me record all transactions as they happen in a project which is about building wealth from nothing. I am really , really not asking anyone for any money whatsoever, since this will defeat the very purpose of the Universal Success Plan. The reason why I mentioned that people could email me for more information, was to refer them to the plan itself (which again require absolutely no financial outlay of any nature). I thought it would then be better to judge for yourself whether or not it is worth following this plan. Also, I did not want to explain the plan simply because I was looking for accountancy advice, and in the past have found the Gardenweb a helpful place to look for answers. That is all. No pyramid scheme, since I prefer to build lasting friendships on this forum. No scam, since I do not ask for money. By the way, I just went to sell metal cans, and is now wondering how to record that according to double entry accounting principles! Next will be to sell all the newspapers we've collected over the months. Please tell me if I've clarified myself, and have a great day!


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RE: Recording a cent that was picked up in the street

OK, got it.... not knowing zip of consequence about acct'g, I can't help with your question, but I just have natural radar for scams, and may tend to overreact on occasion. I would like to hear more about your project though, sounds interesting!


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RE: Recording a cent that was picked up in the street

I got a sense that you dislike scams intensely, thus the long response. I actually hate scams, to the extend that I decided to subscribe to Scambusters.com. For more information on the Universal Success Plan, go to http://www.pennymillions.com/home.shtml. Read through it, and please let me know what you think. I seems that your opinion is one that can be valued.


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RE: Recording a cent that was picked up in the street

Ah.... there's the ad for the website...
Spam it is!


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RE: Recording a cent that was picked up in the street

Dear western pa luann. With the greatest respect, I do not think it worthy to respond to what you wrote. Please go and look up what spam is, then tell me if I misunderstood what it is. As I said, I respect everyone on this forum, and choose to make friends first and foremost. Gardenweb is a great place, and participants have helped me a quite lot in the past. Please be helpful by answering the actual question, and refrain from making these type of totally uncalled for remarks. With a lot of respect


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RE: Recording a cent that was picked up in the street

if one picks up a cent, how would you record such a transaction according to the double entry accountancy system?

It depends upon your general ledger setup. I assume you have a ledger system? Essentially the entry would look something like this:

DR Cash $0.01
CR Misc Income $0.01

Of course, your ledger may call the accounts by a different name, but essentially you need to debit some sort of cash account and credit a revenue/income account.

Does this help?


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RE: Recording a cent that was picked up in the street

Well, I looked at it, and while it might have many redeeming features, it strikes me as a scheme that is not for me, but thanks anyhow. Anything that doesn't just come right out with a step by step explanation of what to do and how to do it, but instead keeps leading you on and on with babble-speak, just gets me the wrong way.


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RE: Recording a cent that was picked up in the street

Spam: "Most spam is commercial advertising, often for dubious products, get-rich-quick schemes, or quasi-legal services."

Not my definition, BTW.

When you signed up, you agreed to no commercial advertising. When you went from an accounting question to a website selling 'dubious products', you crossed that line... at least as far as I see it.

Maybe lucy is right - 'scam' or 'scheme' might be more appropriate than my 'spam'....


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RE: Recording a cent that was picked up in the street

Thanks cindyb va, that helped a great deal. It did not upset the balance sheet, as some of my other efforts did.


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RE: Recording a cent that was picked up in the street

Lucy--always go with your instinct; you tend to b right.


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RE: Recording a cent that was picked up in the street

I'd just do my research first.........

Below is a link mentioning the individual from pennymillions.com and a partner. It seems some people have some complaints.

http://www.routeforex.com/

Here's another link regarding these companies:

http://www.forexpeacearmy.com/public/review/www.rapidforex.com


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