Contributed by mm | September 28, 2003 09:37 AM
PST
To accurately reflect annual bonus in monthly net worth calculation, the following rule of monthly bonus accrual is adopted:
- Monthly accrual amount equals to 6% of annual base salary divided by 12, rounded to the nearest $10. This is a conservative estimate of monthly bonus after income-tax effect.
- Entry will be made on the first calendar day of every month to "Payment Adjustment" account.
- When annual bonus is paid in payroll, a debit entry will be made to the "Payment Adjustment" account as a transfer to the payroll transaction. Any excessive bonus received will show in the normal payroll entry. Any excessive bonus accrual will be shown as a one-time journal entry as "Excessive Bonus Accrual" expense.
The rule will apply starting October 2003. All previous months will not be restated. 
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Definitions of Balance Sheet Buckets (March 05, 2004)
As I am using more than a dozen buckets to report my monthly balance sheet, I am summarizing my classification of assets and liabilities. I deem my way of classifying accounts as a prudent way to look at personal net worth components.
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